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“For intra-day, MCX silver for March delivery is expected to trade on a bearish note and traders are advised to stay on sell position. Also, the metal has support at 57300 while 57700 is the resistance,” s..

12 Feb 2013

MUMBAI (Commodity Online): Silver futures for March delivery on India's Multi Commodity Exchange (MCX) is negative. Lower volumes in the international market due to Lunar New Year holidays might have influenced silver price movements.

“For intra-day, MCX silver for March delivery is expected to trade on a bearish note and traders are advised to stay on sell position. Also, the metal has support at 57300 while 57700 is the resistance,” said Amrita Mashar, Research Analyst at Commodity Online.

“If silver falls below 57300 level then it may down to 56900 level,” she added.

MCX silver for March delivery was down by 0.40 percent at Rs.57342 per kg as of o1.04 PM IST on Tuesday.

Earlier, MCX Silver March contract opened lower by 0.30% and touched intra-day low of 57376.

Week long holidays in China on account of Lunar New Year may influence silver movement on MCX. For the time being, subdued silver demand in Asia is putting pressure on silver.

Comex silver futures for March delivery was down by 0.37 percent at $ 30.780 per troy ounce as of 01.19 PM IST on Tuesday.


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