Commodities Buzz: Silver Speculators Turn Net Long

Large precious metals speculators slightly 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 658 contracts in the data reported through Tuesday May 15th. This was a weekly gain of 779 contracts from the previous week which had a total of -121 net contracts. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -18,066 contracts on the week. This was a weekly drop of -989 contracts.