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Silver Non-Commercial Positions:
Large speculators and traders sharply increased their bullish net positions in the silver futures markets for a second consecutive week 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 Comex silver futures, traded by large speculators and hedge funds, totaled a net position of 61,414 contracts in the data reported through May 30th. This was a weekly gain of 10,241 contracts from the previous week which had a total of 51,173 net contracts.
Silver positions have now rebounded strongly in the past two weeks with a combined increase of over +18,000 contracts. This precious metal had declined over the previous five weeks and by a total of over -60,000 contracts.
Silver Commercial Positions:
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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 -71,082 contracts this week. This is a weekly decline of -7,095 contracts from the total net of -63,987 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 $16.47 which was a rise of $0.32 from the previous close of $16.15, 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
