Commodity Market MCX silver below Rs 40000

In commodity markets, gold and silver have gone down today. MCX Silver prices declined over 1%  to below Rs 40000 on Thursday.

MCX silver July futures contract was trading at Rs 39,705 per kg, down Rs 497, or 1.24 percent. The silver price hit an intraday high of Rs 40110 and an intraday low of Rs 39622. So far 8656 contracts have been traded. Silver prices have moved down Rs 13713, or 25.67% in the July series so far.

Today rupee strongly, showing the dual pressures on domestic prices.

Market observers said trend in precious metals was feeble in the global markets after promising U.S. economic data have endorsed the case of the Federal Reserve to keep reducing monetary stimulus. It has reduced the attractiveness of the precious metal, weighing on prices of silver in futures trade here.

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MCX silver July futures trades down at Rs 40214 per kg

Silver with gold in the domestic market is also under pressure. Silver prices fell by 0.37 per cent to Rs 40,214 per kg in futures trade today as speculators cut positions amid weak global cues.

At  05: 00 PM, MCX silver July futures contract was trading down at Rs 40,214 per kg, down Rs 151, or 0.37 percent. The silver price hit an intraday high of Rs 40590 and an intraday low of Rs 40265.

Market observers said that the reason for the decline in silver futures trade is discharging positions of speculators in tandem with a subdued global trend as the U.S. economic data backed the case of the Federal Reserve to maintain reduction of monetary stimulus, as demand in China showed signs of decline.


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MCX Silver July futures down 0.68% on global cues

Despite a weaker rupee in the domestic market, gold - silver has slipped. On MCX gold down 0.3 per cent to Rs 27400, and silver fell 0.7 per cent to close at Rs 40,900.

At the Multi Commodity Exchange, silver for delivery in July traded lower by Rs 253, or 0.68 per cent, to Rs 40,920 per kg. Similarly, silver for delivery in September declined by Rs 143, or 0.35 per cent, to Rs 41,080 per kg.

In the international market, silver traded 0.20 per cent lower at USD 19.39 an ounce in Singapore. 

Silver for July delivery on the Comex eased rose 0.01% at $19.420 a troy ounce.

Market observers said a weak tendency in white metals in global markets, weighed heavily on the silver futures here.


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MCX silver July futures up 0.2% on global cues

MCX silver July futures was trading up by  Rs 84, or 0.25 percent at Rs 41,000 per kg today as profiteers created new positions in the back of the recovery of precious metals overseas.

Silver prices have dropped to Rs 12,463, or 23.33 per cent in the July series so far.

Market observers said new positions created by profiteers largely in tandem with a reassuring trend in the world markets, influenced silver prices in futures trading.

In the meantime, silver gained 0.20 per cent to USD 19.43 an ounce in Singapore.

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Silver gains more, MCX silver July contract up 0.39% at Rs 41025

Silver also remains firmly in the international market today. The rupee in the domestic market has become stronger again.

Prices of silver on MCX gained more on Tuesday. MCX Silver July contract traded at Rs 41,025 to Rs 159, or 0.39 percent. The rate of silver hit an intraday high of Rs 41,050 and an intraday low of Rs 40,900. So far 2541 contracts have entered into trade. Silver prices have lowered Rs 12,398, or 23.21 per cent in the July series so far.

Also on the Comex, silver for July delivery inched down 0.13%, or 2.5 cents, to trade at $19.33 a troy ounce.


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MCX Silver September futures down 0.48% to Rs 42,592 per kg on global cues

In the midst of weakening trend overseas, MCX silver September prices declined 0.48 percent to 42,592 rupees per kg in futures trading on Tuesday as speculators lowered their exposures.

On MCX, silver for September delivery traded lower by Rs 204, or 0.48 percent, at 42,592 rupees per kg in. On the similar lines, the white metal for July delivery fell by Rs 169, or 0.30 percent at 41,917 rupees per kg.



- MCX Silverm June contract was trading at Rs 41944 down Rs 165, or 0.39%.
- MCX Silverm August contract was trading at Rs 42657 down Rs 177, or 0.41%.
- MCX Silverm November contract was trading at Rs 43750 down Rs 199, or 0.45%. 

In global market, silver quoted 0.82 percent to $ 19.34 an ounce in Singapore. Market analysts said a weak tendency in precious metals in global markets higher dollar weighed on silver futures here.

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Gold future prices rose by 0.30% to Rs 28,974 per 10 grams on global cues

The prices of gold rose by 0.30% to Rs 28,974 per 10 grams in futures trade today as speculators established new positions taking positive signals to foreign markets.

In MCX, gold for June delivery rose by Rs 87, or 0.30%, to Rs 28,974 per 10 grams.

Similarly, the metal for delivery in far-month August rose by Rs 78, or 0.28%, to Rs 28,340 per 10 grams.

Market expert said higher positions built by profiteers after the precious metal gathered 3-week highs in the global markets with the crisis tensions between Russia and Ukraine, increased demand for safe haven, influenced gold futures prices here.

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