Silver Speculators cut back on bullish net positions for 3rd week

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Silver Non-Commercial Speculator Positions:

Large speculators lowered their net positions in the Silver futures markets for a third straight 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 59,179 contracts in the data reported through Tuesday October 3rd. This was a weekly decrease of -1,081 contracts from the previous week which had a total of 60,260 net contracts.

Speculative positions have now fallen below the +60,000 net contracts for the first time in five weeks after declining by a total of -15,808 contracts over the past three weeks.

Silver Commercial Positions:


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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 -68,717 contracts on the week. This was a weekly increase of 3,549 contracts from the total net of -72,266 contracts reported the previous week.

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 $15.71 which was a decline of $-0.20 from the previous close of $15.91, 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).

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