November 23rd – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised 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 44,716 contracts in the data reported through Tuesday November 19th. This was a weekly gain of 7,352 net contracts from the previous week which had a total of 37,364 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 571 contracts (to a weekly total of 89,898 contracts) while the gross bearish position (shorts) dropped by -6,781 contracts for the week (to a total of 45,182 contracts).
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Silver speculators raised their bullish bets after positions had fallen by a total of -16,314 contracts in the previous two weeks. This week’s gain brings the overall net position back above the +40,000 net contract level and marks the twenty-fourth week that silver positioning has been in bullish territory.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -66,549 contracts on the week. This was a weekly drop of -4,657 contracts from the total net of -61,892 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1711.80 which was a boost of $42.60 from the previous close of $1669.20, 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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