June 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators reduced their bearish net positions in the Silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of -8,443 contracts in the data reported through Tuesday June 4th. This was a weekly gain of 13,966 net contracts from the previous week which had a total of -22,409 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 2,990 contracts (to a weekly total of 76,653 contracts) that combined with the gross bearish position (shorts) that dropped by -10,976 contracts for the week (to a total of 85,096 contracts).
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The net speculative position had fallen for four straight weeks and for eight out of the previous nine weeks before this week’s turnaround. The gain of +13,966 contracts on the week was the highest gain since December 31st when speculators were strongly bullish and had pushed their net position to over +40,000 contracts.
Despite this week’s advance, the current standing remains in a bearish position for a fifth consecutive week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -12,289 contracts on the week. This was a weekly decline of -13,404 contracts from the total net of 1,115 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1476.90 which was a boost of $44.90 from the previous close of $1432.00, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article By CountingPips.com – Receive our weekly COT Reports by Email