Silver Non-Commercial Positions:
Large speculators and traders added to their bullish net positions in the silver futures markets last week for the ninth consecutive 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 Comex silver futures, traded by large speculators and hedge funds, totaled a net position of 95,423 contracts in the data reported through February 28th. This was a weekly gain of 7,406 contracts from the previous week which had a total of 88,017 net contracts.
Silver speculative positions are now at their highest level since July 26th when net positions totaled +96,077 contracts.
Silver Commercial Positions:
Free Reports:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net bearish position of -108,010 contracts last week. This is a weekly change of -5,777 contracts from the total net of -102,233 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $17.37 which was a rise of $0.34 from the previous close of $17.03, according to ETF financial market data.
*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
