Commodities Buzz: Large Speculators Slightly Reduce Net Bearish Positions

Large metals speculators slightly reduced their bearish net positions 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 -14,833 contracts in the data reported through Tuesday April 10th. This was a weekly gain of 2,132 contracts. Speculative contracts have now been bearish overall for four consecutive weeks after having not seen bearish territory since 2003.The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -4,578 contracts on the week. This was a weekly drop of -1,941 contracts. The only traders that are currently bullish on silver are the small traders (also known as the non-reportables). This category of trader has a bullish position of +19,411 net contracts for the current week.