Precious Metals Preview: Strong Fund Buying Noted In Silver

Large metals speculators added to 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 17,453 contracts in the data reported through Tuesday May 29th. This was a weekly gain of 2,228 contracts. Speculative positions have now risen for four straight weeks and have been in positive territory for three straight weeks. The silver longs are currently at their highest levels in five months. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -35,297 contracts on the week. This was a weekly drop of -3,874 contracts from the total net of -31,423 contracts reported the previous week.