Silver Non-Commercial Speculator Positions:
Large precious metals speculators reduced their bearish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday which was a delay due to former President George H.W. Bush’s funeral last week.
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of -635 contracts in the data reported through Tuesday December 4th. This was a weekly change of 10,331 net contracts from the previous week which had a total of -10,966 net contracts.
This week’s net position was the result of the gross bullish position advancing by 1,501 contracts to a weekly total of 69,314 contracts compared to the gross bearish position which saw a decrease by -8,830 contracts for the week to a total of 69,949 contracts.
The weekly gain of over +10,000 net contracts marked the best week since June and brought the overall net position to the best level since August 7th when the position was last in bullish territory (+4,341 contracts).
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -15,418 contracts on the week. This was a weekly decline of -6,577 contracts from the total net of -8,841 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 $1464.00 which was a gain of $41.90 from the previous close of $1422.10, according to unofficial market data.