September 21st – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators trimmed their 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 55,978 contracts in the data reported through Tuesday September 17th. This was a weekly lowering of -4,253 net contracts from the previous week which had a total of 60,231 net contracts.
The week’s net position was the result of the gross bullish position (longs) falling by -5,788 contracts (to a weekly total of 94,625 contracts) while the gross bearish position (shorts) also declined but by a smaller amount of -1,535 contracts for the week (to a total of 38,647 contracts).
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Silver speculators slightly reduced their bullish bets for a second week following three straight weeks of increases previously. The current speculator position remains highly bullish and above the +50,000 net contract level for a fourth consecutive week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -77,547 contracts on the week. This was a weekly uptick of 7,221 contracts from the total net of -84,768 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1814.00 which was a decline of $-4.60 from the previous close of $1818.60, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email