US silver futures closed 0.35 percent up at $17.11/oz on Comex. Silver initially fell following base metals when China tightening concerns drove all base metals down.

In the later sessions, the metal recovered on reports that showed Empire manufacturing and industrial production in the US came better than expectations. Base metals remained lower for the day and closed 1.79 percent down at LME.

Shares silver holdings maintained its holdings at 9302.58 MT yesterday. MCX silver futures traded in the range of Rs. 26,560 – Rs. 26,782/kg before closing 0.36 percent higher at Rs. 26,751/kg yesterday.

Outlook

Silver is following gold and trading 10 cents higher at $17.21/oz in Asia. Weaker dollar is also supporting precious metals. The dollar may remain under pressure today on account of a host of economic data notably; housing starts and building permits, which fell from their prior numbers. Base metals may also provide some cues to silver prices. We expect the metal to trade sideways for the day.

Courtesy: Karvy Commtrade Ltd.

Get a bigger political picture to help you invest

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook