Silver Speculators Lowered Bullish Bets

March 17, 2019

New York (Mar 17)  Silver Non-Commercial Speculator Positions: Large precious metals speculators decreased 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 27,082 contracts in the data reported through Tuesday, March 12th. This was a weekly decrease of -5,439 net contracts from the previous week which had a total of 32,521 net contracts.

The week’s net position was the result of the gross bullish position (longs) dropping by -771 contracts to a weekly total of 76,183 contracts combined with the gross bearish position (shorts) which saw a lift by 4,668 contracts for the week to a total of 49,101 contracts.

The rise in Silver’s net speculative position is cooling off and has now fallen for two straight weeks and for the fourth time in the past five weeks. Silver bets had climbed out of an overall bearish position in early December to the highest level since November of 2017 on February 26th.

This week’s decline brought the speculative net position under the +30,000 contract level for the first time in eleven weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -46,261 contracts on the week. This was a weekly gain of 5,980 contracts from the total net of -52,241 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 $1541.30 which was an advance of $30.80 from the previous close of $1510.50, according to unofficial market data.

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