December 14th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators cut back on 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 40,742 contracts in the data reported through Tuesday December 10th. This was a weekly decline of -9,485 net contracts from the previous week which had a total of 50,227 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -3,624 contracts (to a weekly total of 85,617 contracts) while the gross bearish position (shorts) gained by 5,861 contracts for the week (to a total of 44,875 contracts).
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Silver speculators decreased their bullish bets for a second straight week and by a total of -11,768 contracts over the two-week period. Silver bets are now at the lowest level in the past four weeks but remain strongly in a bullish position. Overall, silver positions have been in bullish territory for twenty-seven straight weeks, dating back to June.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -63,147 contracts on the week. This was a weekly change of 11,152 contracts from the total net of -74,299 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1670.20 which was a loss of $-54.60 from the previous close of $1724.80, 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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