Silver Speculators boosted net positions to best level in 8 weeks

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Silver Non-Commercial Speculator Positions:

Large speculators raised 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 Monday due to the Veteran’s Day holiday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 68,902 contracts in the data reported through Tuesday November 7th. This was a weekly advance of 8,750 contracts from the previous week which had a total of 60,152 net contracts.

Speculative positions have now risen for three out of the past four weeks and the current level is at the best standing since September 12th which recorded 74,987 net contracts.

Silver Commercial Positions:


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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -81,641 contracts on the week. This was a weekly drop of -10,613 contracts from the total net of -71,028 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 $16.01 which was a boost of $0.22 from the previous close of $15.79, 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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