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Silver Non-Commercial Positions:

Large speculators and traders decreased their bullish net positions in the silver futures markets last week for a third 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 71,367 contracts in the data reported through May 2nd. This was a weekly drop of -22,246 contracts from the previous week which had a total of 93,613 net contracts.

Silver net speculative positions have now declined by over -34,000 contracts over the past three weeks after speculators built a record high bullish position on April 11th (+105,515 net bullish 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 -86,574 contracts last week. This is a weekly change of 21,515 contracts from the total net of -108,089 contracts reported the previous week.

Silver 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 $15.93 which was a decline of $-0.75 from the previous close of $16.68, 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