Silver Speculators Advanced Bullish Bets To 6-Week High

London (Nov 3)  Silver Non-Commercial Speculator Positions: Large precious metals speculators raised their bullish net positions 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 53,678 contracts in the data reported through Tuesday October 29th. This was a weekly gain of 6,935 net contracts from the previous week which had a total of 46,743 net contracts.

The week’s net position was the result of the gross bullish position (longs) growing by 5,621 contracts (to a weekly total of 95,368 contracts) while the gross bearish position (shorts) declined by -1,314 contracts for the week (to a total of 41,690 contracts).

Silver speculators raised their bullish bets for the second straight week and for the third time in the past four weeks. This boost this week brings the current bullish standing to the highest level of the past six weeks. Silver positions have now been in bullish territory for twenty-one consecutive weeks after turning from bearish to bullish on June 11th.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -68,045 contracts on the week. This was a weekly uptick of 3,978 contracts from the total net of -72,023 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1783.10 which was a gain of $33.10 from the previous close of $1750.00, according to unofficial market data.

Investing.com