Commodities Buzz: Silver Speculators Trim Long Positions

Large precious metals speculators trimmed their bullish net positions in the Silver futures markets again 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 39,269 contracts in the data reported through Tuesday August 13th. This was a weekly cut of -10,563 net contracts.

Large speculator positions declined for a second straight week after the recent spree of increases. Silver positions have now been in bullish territory for ten straight weeks. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -65,233 contracts on the week. This was a weekly gain of 10,033 contracts.