Silver Non-Commercial Positions:
Large speculators and traders raised their net bullish positions in the silver futures markets last week following two straight weeks of decline, 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 Comex silver futures, traded by large speculators and hedge funds, totaled a net position of 61,291 contracts in the data reported through January 3rd. This was a weekly rise of 2,380 contracts from the previous week which had a total of 58,911 net contracts.
Silver Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -75,814 contracts last week. This is a weekly decline of -1,807 contracts from the total net of -74,007 contracts reported the previous week.
Free Reports:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.44 which was an advance of $0.31 from the previous close of $15.13, according to ETF market data from Yahoo Finance.
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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
