MTECHTIPS:-Silver Holds On After Breaking Above $17 Levels

MTECHTIPS:-Silver Holds On After Breaking Above $17 Levels

MTECHTIPS-Silver futures are holding on near two and half week high after breaking above $17 per ounce levels. MCX Silver futures soared 1% to close at Rs 39960 per kg yesterday. Large speculators trimmed their net positions in the Silver futures markets for a third 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 59,179 contracts in the data reported through Tuesday October 3rd. This was a weekly decrease of -1,081 contracts from the previous week. However, 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 -68,717 contracts on the week. This was a weekly rise of 3,549 contracts

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