By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators continued to increase their bearish sentiment 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 -16,965 contracts in the data reported through Tuesday April 3rd. This was a weekly decline of -3,308 contracts from the previous week which had a total of -13,657 net contracts.
Speculative positions have now been on the bearish side for three straight weeks while bets have declined for four consecutive weeks. Previously, silver positions had not been in a bearish position since 2003.
The silver spec position has now dropped by -23,151 net contracts over the past four weeks and overall, the spec position has now fallen for eight out of the last nine weeks.
Free Reports:
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -2,637 contracts on the week. This was a weekly gain of 4,715 contracts from the total net of -7,352 contracts reported the previous week.
SLV ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.46 which was a decrease of $-0.11 from the previous close of $15.57, 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