Precious Metals Preview: COMEX Silver sees choppy action under $37 per pound

COMEX Silver futures moved in a tiny range yesterday even as Copper spiked to record highs and saw a 17% upmove in intraday moves. Silver seemed to be tracking the tepid action in Gold. Precious metals speculators marginally added to their net long positions in the Silver futures markets further 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 63400 contracts in the data reported through July 1, 2025. This was a weekly gain of just 453 net contracts and kept net longs just under four-year high. COMEX Silver futures are quoting at $36.78 per pound right now, up marginally on the day.

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