July 13th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators cut back on their bullish net positions in the Silver futures markets this week after a strong streak of gains in recent weeks, 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 25,151 contracts in the data reported through Tuesday July 9th. This was a weekly lowering of -5,304 net contracts from the previous week which had a total of 30,455 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -3,659 contracts (to a weekly total of 96,080 contracts) while the gross bearish position (shorts) rose by 1,645 contracts for the week (to a total of 70,929 contracts).
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The large speculators cooled their bullish positions in the past two weeks. Previously, Silver speculator positions had risen very sharply for four straight weeks from June 4th to June 25th, gaining each week by over +10,000 net contracts (by a total of +52,974 contracts) and turning from an overall net bearish position to net bullish.
Despite these couple of pullbacks in the speculator sentiment, the current standing remains in bullish territory for a fifth straight week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -45,277 contracts on the week. This was a weekly uptick of 6,786 contracts from the total net of -52,063 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1514.70 which was a drop of $-9.10 from the previous close of $1523.80, 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