Silver futures down 0.63% on lower global trend

NEW DELHI:

 Tracking a weak global trend, silver prices moved down by 0.63 per cent to Rs 51,450 per kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, silver for delivery in May moved down by Rs 325, or 0.63 per cent to Rs 51,450 per kg in business turnover of 5440 lots.

Similarly, the white metal for delivery in July declined by Rs 313, or 0.59 per cent to Rs 52480 per kg in 342 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend, that mainly pulled down silver prices at futures trade.

Meanwhile, silver fell by 1.18 per cent to $ 27.65 an ounce in New York last night.

MCX Silver likely to trade range-bound till US- non farm payroll data release

(Commodity News word): On the MCX, silver for March delivery traded with minor change in prices and is likely to trade range-bound for today's session till the release of US - non farm payroll.

For intra-day, silver may trade sideways to bearish till the release of US payroll data. Silver on MCX for March delivery has support at 57700, if the commodity falls below the range then it could see a test of 56900 level.

The resistance is now likely to be seen at 58700, a move above could see prices testing 59200 for the commodity.

“Those traders who are holding long position in silver for March delivery should maintain stop loss of 57700 for today. Intra-day traders should wait and watch till the release of US data before entering into short term trades,” said Amrita Mashar, Research Analyst at Commodity Online.

The demand for risk-on assets such as gold was dampened by the US jobless claims which came in higher than last week which resulted in profit taking also.

End-of-the-month position squaring, profit taking from short-term traders, and pre - Job data report positioning were the the major reasons for sharp fall in prices on Thursday.

Bullion prices are also affected by stronger than expected Chicago PMI in early trading session.

COMEX silver for March delivery was seen trading at $31.380 a gain of $ 0.029 or 0.09% as of 03.16 PM, IST. On India's MCX, silver for delivery on March 5 was spotted trading at Rs.57781 a fall of of 0.12%.

MCX Silver likely to trade range-bound till US- non farm payroll data release

(Commodity News word): On the MCX, silver for March delivery traded with minor change in prices and is likely to trade range-bound for today's session till the release of US - non farm payroll.

For intra-day, silver may trade sideways to bearish till the release of US payroll data. Silver on MCX for March delivery has support at 57700, if the commodity falls below the range then it could see a test of 56900 level.

The resistance is now likely to be seen at 58700, a move above could see prices testing 59200 for the commodity.

“Those traders who are holding long position in silver for March delivery should maintain stop loss of 57700 for today. Intra-day traders should wait and watch till the release of US data before entering into short term trades,” said Amrita Mashar, Research Analyst at Commodity Online.

The demand for risk-on assets such as gold was dampened by the US jobless claims which came in higher than last week which resulted in profit taking also.

End-of-the-month position squaring, profit taking from short-term traders, and pre - Job data report positioning were the the major reasons for sharp fall in prices on Thursday.

Bullion prices are also affected by stronger than expected Chicago PMI in early trading session.

COMEX silver for March delivery was seen trading at $31.380 a gain of $ 0.029 or 0.09% as of 03.16 PM, IST. On India's MCX, silver for delivery on March 5 was spotted trading at Rs.57781 a fall of of 0.12%.

MCX SILVERM April contract trades higher

At 10:09 hrs MCX SILVERM April contract was trading at Rs 59942.00 up Rs 255.00, or 0.43%. It touched an intraday high of Rs 60124.00 and an intraday low of Rs 59750.00. So far 4406 contracts have been traded.
At 10:09 hrs MCX SILVERM June contract was trading at Rs 61285.00 up Rs 238.00, or 0.39%. It touched an intraday high of Rs 61585.00 and an intraday low of Rs 61203.00. So far 224 contracts have been traded.
At 10:09 hrs MCX SILVERM August contract was trading at Rs 62550.00 up Rs 257.00, or 0.41%. It touched an intraday high of Rs 62553.00 and an intraday low of Rs 62436.00. So far 7 contracts have been traded.