September 28th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators decreased their bullish net positions in the Silver futures markets again 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 50,729 contracts in the data reported through Tuesday September 24th. This was a weekly fall of -5,249 net contracts from the previous week which had a total of 55,978 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -623 contracts (to a weekly total of 94,002 contracts) while the gross bearish position (shorts) rose by 4,626 contracts for the week (to a total of 43,273 contracts).
Silver speculators continued to pare their bullish bets for a third straight week after previously rising for three straight weeks. These recent declines have been modest and follow up a streak of bullish gains in ten out of the previous fourteen weeks. The current standing remains above the +50,000 net contracts level for a fifth consecutive week – the first time that has happened since January-February of 2019.
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Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -75,779 contracts on the week. This was a weekly increase of 1,768 contracts from the total net of -77,547 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 $1862.80 which was a boost of $48.80 from the previous close of $1814.00, 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
