COMEX Swap Dealers Remain Hugely Short Silver Futures

HOUSTON –  Looking at the legacy COT report for silver futures, and tracking the traders the CFTC calls “commercial” – including the Producer/Merchants and Swap Dealers combined into a single category (with a total of 45 traders reporting commercial long contracts and 54 reporting commercial shorts) – we can see in the data table below that on July 8 silver closed at $21.02.  On July 15 the silver LCNS (large commercial net short position) peaked at 58,696 contracts net short.
Since then silver has declined a net $1.12 or 5.3% (from $21.02 to $19.90 as measured on Tuesdays) while the commercials have covered or offset 14,970 lots or 25.5% of their collective LCNS.
Silver -5.3%,
LCNS -25.5%,
4 reporting weeks. 

Data table LCNS Silver, combined commercials positioning.

Here’s what it looks like in our more familiar graph form.

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