Silver Speculators Strongly Boosted Bullish Bets
London (June 30) Large precious metals speculators continued to bet in favor of Silver in the futures markets again 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 30,565 contracts in the data reported through Tuesday June 25th. This was a weekly gain of 16,049 net contracts from the previous week which had a total of 14,516 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 4,298 contracts (to a weekly total of 97,573 contracts) that combined with the gross bearish position (shorts) that dropped by -11,751 contracts for the week (to a total of 67,008 contracts).
Silver had recently fallen into bearish territory in late April and through the month of May with positions marking a low of -22,409 contracts on May 28th. Since then sentiment has turned around sharply in the past month.
Silver large speculator positions continued to jump higher this week and the net position increased by over +10,000 contracts for a fourth consecutive week. This week’s rise by more than +16,000 contracts is the largest one-week gain since December 31st.
The rising speculator sentiment has pushed the current standing for the Silver bullish position to the highest level since March 5th when bets totaled +32,521 contracts.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -53,552 contracts on the week. This was a weekly shortfall of -19,065 contracts from the total net of -34,487 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 $1530.00 which was a rise of $30.70 from the previous close of $1499.30, according to unofficial market data.
Investing.com
