Commodities Buzz: Silver Speculative Longs Turn Bullish After Six Weeks

Large speculators sharply increased their 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 11,967 contracts in the data reported through Tuesday April 24th. This was a weekly spurt of 12,054 contracts from the previous week which had a total of -87 net contracts. Speculative positions have improved for three weeks in a row and are now back into a bullish overall level. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -31,565 contracts on the week. This was a weekly fall of -14,610 contracts.