Silver Non-Commercial Positions:
Large speculators and traders cut back on their bullish net positions in the silver futures markets last week for a second straight 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 93,613 contracts in the data reported through April 25th. This was a weekly decline of -10,274 contracts from the previous week which had a total of 103,887 net contracts.
Speculative positions have now fallen under the +100,000 contract level for the first time in four weeks and two weeks after recording an all time record high net bullish position at +105,515 contracts on April 11th.
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 position of -108,089 contracts last week. This is a weekly change of 8,743 contracts from the total net of -116,832 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 $16.68 which was a fall of $-0.66 from the previous close of $17.34, 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
