Commodities Buzz: Silver Speculative Longs At Five And Half Month High

Large metals speculators sharply hiked their bullish net positions in the Silver futures markets again last week,extending their recent momentum, 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 49,730 contracts in the data reported through Tuesday June 12th. This was a weekly spurt of 30,296 contracts.The overall speculative standing is currently near five and half month high. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -67,382 contracts on the week. This was a weekly fall of -29,835 contracts.