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Silver Speculators Sharply Liquidated Bullish Bets This Week

By Zachary StorellaCommoditiesMar 10, 2019 01:41AM ET
www.investing.com/analysis/silver-speculators-sharply-liquidated-their-bullish-bets-this-week-200396186
Silver Speculators Sharply Liquidated Bullish Bets This Week
By Zachary Storella   |  Mar 10, 2019 01:41AM ET
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Silver COT Futures Large Trader Positions
Silver COT Futures Large Trader Positions

Silver Non-Commercial Speculator Positions:

Large precious metals speculators sharply cut back on 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 data is now up to date after delays in previous weeks due to the government shutdown.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 32,521 contracts in the data reported through Tuesday March 5th. This was a weekly lowering of -25,792 net contracts from the previous week which had a total of 58,313 net contracts.

The week’s net position was the result of the gross bullish position (longs) lowering by -14,017 contracts to a weekly total of 76,954 contracts combined with the gross bearish position (shorts) which saw an advance by 11,775 contracts for the week to a total of 44,433 contracts.

The net speculative position dropped this week by the most in over a year and has now seen declining speculator bets in three out of the past four weeks. The overall standing remains in bullish territory at +32,521 contracts this week but below the +40,000 net contract level for the first time in ten weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -52,241 contracts on the week. This was a weekly gain of 25,928 contracts from the total net of -78,169 contracts reported the previous week.

Silver COT Futures Large Trader Vs Silver Futures
Silver COT Futures Large Trader Vs Silver Futures

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1510.50 which was a decline of $-72.70 from the previous close of $1583.20, according to unofficial market data.

Silver Speculators Sharply Liquidated Bullish Bets This Week
 
Silver Speculators Sharply Liquidated Bullish Bets This Week

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