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Speculators trimmed net shorts in Silver, while increasing bearish bets in Copper

FXStreet (Mumbai) - The Commodity Futures Trading Commission released on Friday showed a fall in net silver short positions while an increase in the bearish bets in Copper in the week up to Nov. 4.

The Hedge funds and money managers cut net short positions in silver by 4,159 to 6,163. Speculators increased 4,715 shorts in copper to boost the net short position to 5,961 lots.

Silver prices are trading 0.84% lower at USD 15.593/Oz levels. Moreover, the metal has clocked four straight months of decline, easily outperforming the fall in Gold prices.

Silver Technical Levels

Silver has an immediate support located at 15.00 (Feb 2010 Low), under which prices can fall to 14.365 levels. On the flip side, resistance is seen at 15.88 and 16.20 levels.

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