August 10th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators reduced their bullish net positions in the Silver futures markets this week following three weeks of surging bullish sentiment, 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 49,832 contracts in the data reported through Tuesday August 6th. This was a weekly lowering of -14,465 net contracts from the previous week which had a total of 64,297 net contracts.
The week’s net position was the result of the gross bullish position (longs) falling by -5,248 contracts (to a weekly total of 106,034 contracts) while the gross bearish position (shorts) rose by 9,217 contracts for the week (to a total of 56,202 contracts).
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The large speculator position cooled off after a strong run in the past three weeks that saw bullish positions add +39,146 contracts to the bullish position. Silver positions have risen in seven out of the past ten weeks and previously reached the highest bullish level since November 21st of 2017 before this week’s retreat.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -75,266 contracts on the week. This was a weekly rise of 8,650 contracts from the total net of -83,916 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1,644.50 which was a fall of $-11.30 from the previous close of $1655.80, 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).
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