MTECHTIPS:-MCX Silver Reverses After Breaking Above Rs 37 K

MTECHTIPS:-MCX Silver Reverses After Breaking Above Rs 37 K

MTECHTIPS-MCX Silver futures edged up impressively in intraday moves after breaking above Rs 37000 per kg levels after steep losses on Friday. Large speculators added to their bullish net positions in the Silver futures markets this week for a second straight 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 30,759 contracts in the data reported through Tuesday August 1st. This was a weekly increase of 11,342 contracts from the previous week which had a total of 19,417 net contracts. This pushed the overall net position to the highest level in five weeks. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -39,667 contracts on the week. This was a weekly decline of -10,135 contracts

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