Silver price (XAG/USD) saw some sellers close to $31.25 during the early Asian session on Monday. Improved risk sentiment in global markets fueled some profit booking in the white metal. Traders will be eyeing US Federal Reserve (Fed) Chair Jerome Powell’s speech later on Monday.
Spot Silver
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Silver net speculative longs at four and half year high
Precious metals speculators yet again increased their net long positions in the Silver (XAG/USD) futures markets sharply last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators, hedge funds and retailers, totaled a net position of 62198 contracts in the data reported through September 24, 2024. This was a weekly gain of 4000 net contracts and took net longs to four and half year high.
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