Commodities Buzz: Silver Speculative Longs Hit Four Month High

Large precious metals speculators sharply hiked their bullish 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 15,225 contracts in the data reported through Tuesday May 22nd. This was a weekly gain of 14,567 contracts.

Speculative bets in favor of silver have risen for three straight weeks and positions are at the highest level in four months. Silver bets are now in positive territory after being in an overall short position for seven out of the previous eight weeks. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -31,423 contracts on the week. This was a weekly drop of -13,357 contracts.