November 16th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators lowered 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 37,364 contracts in the data reported through Tuesday November 12th. This was a weekly change of -10,633 net contracts from the previous week which had a total of 47,997 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -7,847 contracts (to a weekly total of 89,327 contracts) while the gross bearish position (shorts) rose by 2,786 contracts for the week (to a total of 51,963 contracts).
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Speculators dropped their bullish bets for a second straight week and positions have now declined by a total of -16,314 contracts over that period. This week’s setback for silver positions was the largest one-week decline in a little over three months and brings the overall bullish standing to the lowest level of the past eighteen weeks. Silver bets had stayed above the +40,000 net contract level for twelve straight weeks before this week’s pullback.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -61,892 contracts on the week. This was a weekly increase of 13,090 contracts from the total net of -74,982 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1669.20 which was a drop of $-87.60 from the previous close of $1756.80, 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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