Precious Metals Preview: Fund Buying Remains Tepid In Silver

Large metals speculators sharply trimmed their 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 -7,196 contracts in the data reported through Tuesday May 1st. This was a weekly fall of -19,163 contracts from the previous week which had a total of 11,967 net contracts. The silver speculative positions are back in bearish territory following a gain last week that pushed positions into bullish territory. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -11,978 contracts on the week. This was a weekly rise of 19,587 contracts from the total net of -31,565 contracts reported the previous week.