Silver futures rose on Comex yesterday and finished 1.47% higher at $18.78/oz, as the rally in base metals supported the gains in this industrial metal as well, along with slight rise in its sister metal as well.

The lowering jobless claims and continuing claims over and above the expectations catch hold of the market bringing in support.

Silver rose in line with other industrial metals, suggested by the LME’s base metals’ index (LMEX) which closed 2.07% up. Equities declined for the third straight day and closed 1.41% lower.

MCX silver futures rose relatively lower by 0.64% to close up at Rs. 29,564/kg.

Outlook

Silver currently trades 5 cents lower at $18.73/oz on Comex’s electronic platform in Asia.

The dollar is trading sideways to higher as the euro zone debt issues are reignited in the market with Greece default charges raising to record levels. Silver is expected to trade sideways to higher for the day, while the gains could be lower than that of Gold.

Moreover, the movement in base metals and dollar index during the day would also be watch for.

MCX silver may open on slightly low after following the trend in Comex’s platform. The trend for the day remains bullish and thus we recommend being in the buy side.

Courtesy: Karvy Commtrade Ltd.

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