April 20th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators continued to lower 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 5,885 contracts in the data reported through Tuesday April 16th. This was a weekly decrease of -10,533 net contracts from the previous week which had a total of 16,418 net contracts.
The week’s net position was the result of the gross bullish position (longs) dropping by -377 contracts to a weekly total of 76,033 contracts in addition to the gross bearish position (shorts) which saw a strong gain by 10,156 contracts for the week to a total of 70,148 contracts.
The net speculative position fell for a third straight week and for the sixth time out of the past seven weeks. This week’s decline was only the third time spec positions have dropped by over -10,000 net contracts in a week since the beginning of October.
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Overall, the current standing remains in bullish territory but at the lowest level since December 4th when the net position was negative. The recent slide in speculator sentiment for silver has come fast and furious as net positions have fallen from a total of +58,313 contracts on February 26th to just +5,885 contracts this week..
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -23,672 contracts on the week. This was a weekly increase of 14,090 contracts from the total net of -37,762 contracts reported the previous week.
Silver Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $14.89 which was a loss of $-0.27 from the previous close of $15.16, 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
