by Joerg Bernhard
According to the Commitments of Traders report published on Friday evening by the US supervisory authority CFTC, confidence returned after three weeks of waning optimism, especially among the large futures speculators (non-commercials). Because this group of market players significantly reduced their short exposure, their net short position (market bearish view) of 100 futures turned to a net long position (market bullish view) of 1,500 contracts. As a reminder: At the beginning of March, a value of over 52,000 futures was reported here, which shows an enormous catch-up potential – especially for the silver price.
On Monday morning, the silver price presented itself with declining quotations. By around 7:20 a.m. (CEST), the most actively traded silver future (December) was down 0.189 to $20.595 an ounce.
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Crude Oil: Negative start to the week
The Chinese government’s announcement that it would remain committed to its zero-Covid strategy gave the fossil fuel a negative start to the week. The unexpectedly negative development of imports and exports in October, which fell by 0.3 and 0.7 percent respectively compared to the previous year, led to additional skepticism. A small part of the striking weekly gain of 5.3 percent (WTI) and 5.1 percent (Brent) was thus given up again. The slight recovery trend of the dollar proved to be an additional burden.
The oil price was weaker on Monday morning. By around 7:20 a.m. ET, the next-dated WTI future was down 1.16 to $91.45, while its Brent counterpart was down 1.03 to $97.54.
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