Silver Speculators Sharply Reduced Their Bearish Bets For 2nd Week

Silver COT Futures Large Trader Positions

Silver Non-Commercial Speculator Positions

Large precious metals speculators cut back on their bearish 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 -5,179 contracts in the data reported through Tuesday October 23rd. This was a weekly rise of 9,648 contracts from the previous week which had a total of -14,827 net contracts.

The reduction in bearish bets this week is the second straight week of improvement and the sixth time out of the past seven weeks that speculator bearish bets have declined. The current standing is now at the lowest bearish position since August 14th (a span of 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 -13,262 contracts on the week. This was a weekly drop of -8,438 contracts from the total net of -4,824 contracts reported the previous week.

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 $1479.30 which was an advance of $9.20 from the previous close of $1470.10, according to unofficial market data.

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