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Silver Non-Commercial Speculator Positions:
Large speculators once again sharply reduced their 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 14,005 contracts in the data reported through Tuesday July 11th. This was a weekly lowering of -12,270 contracts from the previous week which had a total of 26,275 net contracts.
Speculative positions in silver futures have now fallen for five weeks in a row and by over at least -9,000 contracts in each of the past four weeks. The current standing is the lowest level in net positions for silver since August 4th 2015 when net positions totaled +8,405 contracts.
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Silver Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -24,567 contracts on the week. This was a weekly rise of 14,661 contracts from the total net of -39,228 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $14.99 which was a decrease of $-0.31 from the previous close of $15.30, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article by CountingPips.com – Weekly COT Report