03 Nov

Silver Speculators upped their bearish bets this week

November 3, 2018

November 3, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators increased 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 -8,470 contracts in the data reported through Tuesday October 30th. This was a weekly decrease of -3,291 contracts from the previous week which had a total of -5,179 net contracts.

The speculative bearish position in silver had seen a decline in the previous two weeks and in six out of the previous seven weeks before this week’s turnaround. The current standing for the silver spec position remains below the -10,000 net contract level for a second week but has now remained in an overall bearish position for twelve consecutive weeks.

Silver Commercial Positions:

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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -9,760 contracts on the week. This was a weekly increase of 3,502 contracts from the total net of -13,262 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 $1446.20 which was a loss of $-33.10 from the previous close of $1479.30, 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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