Source: xStation5
Commercials: still heavily positioned on the short side
Commercials continue to hold significantly more short positions than longs. Producers/Merchants are net short around 16.1 thousand contracts, while Swap Dealers are net short roughly 28.7 thousand contracts, bringing the combined net short position to about 44.8 thousand contracts. This shows that participants linked to the physical silver market remain heavily hedged at current prices, although this does not automatically mean they expect prices to fall.
Managed Money: funds remain net long
Managed Money remains net long by around 11.7 thousand contracts. Over the past week, funds reduced long positions by 423 contracts but also closed 960 shorts, so their net position actually improved slightly. Open interest increased by almost 5 thousand contracts, pointing to higher market activity, although there is still no clear sign of aggressive new bullish positioning.
Source: CFTC (CoT report, data as of August 18)
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