Silver Speculators Trim Bullish Bets

November 10, 2019

New York (Nov 10)  Silver Non-Commercial Speculator Positions: Large precious metals speculators lowered 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 47,997 contracts in the data reported through Tuesday November 5th. This was a weekly decline of -5,681 net contracts from the previous week which had a total of 53,678 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 1,806 contracts (to a weekly total of 97,174 contracts) but being more than offset by the gross bearish position (shorts) that rose by a greater amount of 7,487 contracts for the week (to a total of 49,177 contracts).

Silver speculators cut back on their bullish positions following two weeks of gains that had put the bullish level back over the +50,000 contract threshold. The silver position continues to remain strongly bullish with long contracts staying above the +40,000 net level for the past twelve weeks. Overall, the silver position has been in a bullish position for twenty-two consecutive weeks since 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 -74,982 contracts on the week. This was a weekly loss of -6,937 contracts from the total net of -68,045 contracts reported the previous week.

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