Silver Speculators Raised Their Bullish Net Positions For 2nd Week

(October 31, 2017 - by Zachary Storella)

Large 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 65,120 contracts in the data reported through Tuesday October 24th. This was a weekly lift of 1,205 contracts from the previous week which had a total of 63,915 net contracts.

Speculative positions have risen for two weeks in a row and are now at the highest level in five weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -76,505 contracts on the week. This was a weekly loss of -1,592 contracts from the total net of -74,913 contracts reported the previous week.

Silver COT Futures Large Trader Vs SLV ETF

iShares Silver (NYSE:SLV) 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 $16.02 which was a fall of $-0.07 from the previous close of $16.09, according to unofficial market data.