Commodities Buzz: Silver Stays In Bearish Position For Fifth Straight Week

Large precious metals speculators sharply trimmed 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 -87 contracts in the data reported through Tuesday April 17th. This was a weekly gain of 14,746 contracts. This weeks gain marks the largest one-week rise in bullish bets in nearly three months. The speculative level is now at the smallest short position since turning over into an overall short level on March 20th although the silver spec position remains in a bearish position for the fifth straight week. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -16,955 contracts on the week. This was a weekly drop of -12,377 contracts.