CFTC Silver Speculative Net Positions
Published:
A weekly CFTC measure of speculative (non-commercial) net futures positioning in the COMEX Silver contract, in thousands of contracts.
Full explanation
CFTC Silver Speculative Net Positions is the net position of non-commercial (speculative) traders in the CFTC-reported COMEX Silver futures contract ("SILVER - COMMODITY EXCHANGE INC.", CFTC contract market code 084691). It is calculated as non-commercial long futures contracts minus non-commercial short futures contracts from the CFTC's Legacy Futures Only Commitments of Traders report, and calendars show it in thousands of contracts. It is a positioning measure: it is not an amount of money and not a physical quantity of silver. Positions are measured as of Tuesday and normally published by the CFTC on the following Friday at 3:30 p.m. Eastern Time.
Why traders watch it
Traders use it as a weekly sentiment and positioning gauge for silver. Large or fast-changing net positions can show speculative exposure building up or being unwound, which may matter when positioning becomes crowded.
Market interpretation
- Silver and related instruments
- May influence how traders read speculative sentiment and the risk of position unwinds, particularly when positioning is one-sided.
Stronger vs weaker outcomes
There is no consensus forecast, so the week-on-week change and the level relative to its own history are the main points of interpretation. A rising figure means speculators have become more net long (or less net short); a falling figure means the reverse.
A higher reading means non-commercial traders are more net long, or less net short, than before.
A lower reading means non-commercial traders are less net long, or more net short, than before.
Higher means more speculative net-long positioning; lower means more net-short positioning.
Release details
- Release frequency
- Weekly (Tuesday positions, published Friday 3:30 p.m. ET)
Typical volatility
Low. The data are backward-looking (Tuesday positions released on Friday), cover futures only, use broad regulatory trader categories and do not reveal entry prices or motives. A change can reflect new positions, closed positions, or both.
Trading considerations
- Check the Tuesday position date as well as the Friday publication date.
- Focus on the week-on-week change rather than the headline level alone.
- Compare current positioning with its own history; extremes can persist for long periods.
- Remember the figure counts contracts, not money or physical quantity.
Educational guidance only — never a trading signal or recommendation.
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