Commodities Buzz: Silver Speculative Longs Rise For Five Straight Weeks

Large precious 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, traded by large speculators and hedge funds, totaled a net position of 19,434 contracts in the data reported through Tuesday, June 5th. This was a weekly rise of 1,981 contracts from the previous week. Speculative bets in favor of silver have risen for five consecutive weeks and are now at the highest bullish level since January 30th. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,547 contracts on the week. This was a weekly fall of -2,250 contracts.