June 1st – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators continued to add to their bearish 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 -22,409 contracts in the data reported through Tuesday May 28th. This was a weekly change of -7,747 net contracts from the previous week which had a total of -14,662 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -1,819 contracts (to a weekly total of 73,663 contracts) while the gross bearish position (shorts) increased by 5,928 contracts for the week (to a total of 96,072 contracts).
The net speculative position fell for a fourth straight week and for the eighth time out of the past nine weeks.
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Silver positions had come off the mat sharply after the last time they were negative in the fall (into early in December). Rising to +58,313 contracts on February 26th marked the high-point in the last run-up from late December. The sentiment and market price have both now quickly dropped back down to their lowest levels since the prior negative period.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 1,115 contracts on the week. This was a weekly advance of 6,298 contracts from the total net of -5,183 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 $1432.00 which was a shortfall of $-9.00 from the previous close of $1441.00, 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
