October 19th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators once again decreased their bullish 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 43,989 contracts in the data reported through Tuesday October 15th. This was a weekly decline of -6,765 net contracts from the previous week which had a total of 50,754 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -5,004 contracts (to a weekly total of 85,088 contracts) while the gross bearish position (shorts) gained by 1,761 contracts for the week (to a total of 41,099 contracts).
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Silver speculators reduced their bullish bets for the fifth time out of the past six weeks. This recent drop in sentiment follows the strong run over the summer that had seen bullish positions rise in ten out of the previous fourteen weeks. The overall bullish standing is now at the lowest level of the past nine weeks, dating back to August 13th.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -70,487 contracts on the week. This was a weekly boost of 6,419 contracts from the total net of -76,906 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1738.40 which was a fall of $-31.60 from the previous close of $1770.00, 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).
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