COT Analysis
Commitment of Traders data for COMEX Silver Futures
Current Positioning
Miners, refiners, and processors hedging physical exposure. These are the "true commercials" in the silver market.
Managed money (hedge funds) are trend followers. Extreme long positions (> 50,000) are often a contrarian bearish signal.
Banks and dealers who swap OTC exposure onto exchange. Often net short alongside commercials.
Bullish Signals
- Commercials extremely short (< -80,000 contracts)
- Managed money underweight or short
- Large weekly reduction in commercial shorts
- Open interest declining while commercials cover
Bearish Signals
- Managed money extremely long (> 50,000 contracts)
- Commercials reducing short exposure rapidly
- Large weekly increase in speculator longs
- Record high open interest with spec longs
Net Positioning History
Silver Price vs Producer/Merchant Net
The Commitment of Traders (COT) report is published weekly by the CFTC (Commodity Futures Trading Commission) every Friday at 3:30 PM ET, reflecting positions as of the previous Tuesday.
Contract: COMEX Silver Futures (Code: 084691)
Contract Size: 5,000 troy ounces
Source: CFTC Disaggregated Futures Report