Commodities Buzz: Silver Speculative Positions Stay Net Short

Large precious metals speculators continued to increase their bearish sentiment in the Silver futures markets last 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 -16,965 contracts in the data reported through Tuesday April 3rd. This was a weekly fall of -3,308 contracts. Speculative positions have now been on the bearish side for three straight weeks while bets have declined for four consecutive weeks. Silver positions had not been in a bearish position since 2003. However, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -2,637 contracts on the week. This was a weekly increase of 4,715 contracts.