Silver also cheered the moment of global rally in stocks and Euro amid optimism of a final Greek deal. The immediate delivery future settled with modest gain of 1.32% at COMEX; while the same has been observed at MCX.
US equities rose yesterday as Greece reportedly neared accord on budget cut and swap deal with ECB. However, the European markets remain quite sticky
The Euro rallied with the same optimism and settled the day with 1% gain against the dollar, touching eight weeks high
The I-share silver holding increased to 9664.26 tons from 9649.15 tons as on Feb.6
OUTLOOK:
Silver however is seen trading at a slight weaker note at the Globex. As discussed in gold’s outlook, the Asian equities are seen trading at a positive note taking cues from the US and European markets which rose overnight cheering the Greece deal. Euro also traded near seven week high against the dollar.
Going ahead we expect the Euro to remain strong as the deal’s final touch is yet to be done at the later part of the day. But market optimism is likely to keep the equities and silver strong for the day.
From the economic data front, despite the German releases are likely to remain little weak for the Euro, but as we discussed it is Greece which is now steering the market. Anticipating so, we recommend remaining long for the metal.
Courtesy: Karvy Commtrade Ltd.
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