September 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators boosted their bullish net positions in the Silver futures markets again 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 62,125 contracts in the data reported through Tuesday September 3rd. This was a weekly rise of 2,273 net contracts from the previous week which had a total of 59,852 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 1,489 contracts (to a weekly total of 104,977 contracts) while the gross bearish position (shorts) declined by -784 contracts for the week (to a total of 42,852 contracts).
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Silver speculators were back at adding to their bullish bets this week for a third straight week and after a few down weeks on August 6th and 13th. Spec positions have now risen by a total of over +22,000 net contracts in the past three weeks and the overall position sits at the highest bullish level since July 30th.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -84,678 contracts on the week. This was a weekly shortfall of -2,997 contracts from the total net of -81,681 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1923.70 which was a rise of $93.90 from the previous close of $1829.80, 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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