Tag Archives: silver prices

Silver prices rebound on MCX, July futures up 0.3%

27 Jun

Silver prices rebounded with marginal gains Thursday, after previous day’s sharp fall. It fell below Rs 40,000 per kg level in previous session.

At 11:33 hours IST, MCX SILVER July contract was trading at Rs 39681 up Rs 113, or 0.29 percent. The SILVER rate touched an intraday high of Rs 39863 and an intraday low of Rs 39501. So far 5717 contracts have been traded. SILVER prices have moved down Rs 25329, or 38.96 percent in the July series so far.

MCX SILVER September contract was trading at Rs 40042 up Rs 157, or 0.39 percent. The SILVER rate touched an intraday high of Rs 40224 and an intraday low of Rs 39884. So far 1521 contracts have been traded. SILVER prices have moved down Rs 17277, or 30.14 percent in the September series so far.

MCX SILVER December contract was trading at Rs 40939 up Rs 222, or 0.55 percent. The SILVER rate touched an intraday high of Rs 41041 and an intraday low of Rs 40900. So far 10 contracts have been traded. SILVER prices have moved down Rs 6230, or 13.21 percent in the December series so far.

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Bullion to remain under pressure, sell on rise: Emkay

19 Jun

In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities spoke about the current trend in commodities market.

Below is a verbatim transcript of the interview:

Q: How would you approach bullion going into that Federal Open Market Committee (FOMC) meet today?

A: We are expecting that there will be a lot of pressure on bullion prices , although they have moved up little bit in the last few sessions largely in India because of the weakening of rupee. We think that USD 1400 per ounce remains a strong resistance for gold. Hence we are recommending to sell it at any upside towards USD 1375-1385 per ounce. We expect gold to come back around USD 1320 per ounce or so. Once USD 1320 per ounce breaks then we can expect further downside.

In the Indian market, Rs 28,100-28,200 per 10gm is a selling level and we expect it to come back to Rs 27,500 per 10gm and maybe lower than that.

People will be looking at what Ben Bernanke says because although we do not expect them to say that this USD 85 billion bond buying will be stopped but they might put some kind of conditions on that. If there is any kind of condition then obviously there will be further pressure on bullion prices. So overall the prices will remain under pressure.

Similarly, for silver also we think that USD 22 per ounce is a resistance and we can sell there and we expect silver prices to fall back.

In rupee terms we expect silver prices to fall somewhere around Rs 42,500-42,800 per kilogram range. So we should sell both gold and silver on the uptick.

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Q: There seems to be reports that money is flowing back into crude now as an asset class, how would you trade that particular commodity and at what kind of targets?

A: We expect that the broader long-term range for nymex crude oil will be somewhere around USD 80-100 per barrel approximately. We are on the higher band on that technically. We expect that around USD 100 per barrel Nymex crude should get strong resistance .

Today the data will be out and we expect that inventories will be lesser, we cannot see some kind of uptick happening. But overall inventory levels are quite high and right now the tension in Syria is something which is driving the prices on the higher side. Economic outlook is changing drastically, where we see a lot of demand coming in. There is a lot of supply available and there is no such thing that Organization of Petroleum Exporting Countries (OPEC) will cut down on the production side as well.

So our idea is that for short-term we might see some uptick happening but we do expect that crude oil prices also will not be rising too much and we can sell them maybe at some uptick when we see today’s data and we expect that Nymex crude should come back to around USD 95-94 per barrel.

MCX Silverm June contract trades lower

28 May

MCX Silverm prices have moved down Rs 22892, or 34.54 percent in the June series so far. At 11:04 hrs MCX Silverm June contract was trading at Rs 43393 down Rs 237, or 0.54 percent.

SILVERM prices on MCX slipped. At 11:04 hrs MCX SILVERM June contract was trading at Rs 43393 down Rs 237, or 0.54 percent. The SILVERM rate touched an intraday high of Rs 43585 and an intraday low of Rs 43300. So far 8148 contracts have been traded. SILVERM prices have moved down Rs 22892, or 34.54 percent in the June series so far.

MCX SILVERM August contract was trading at Rs 44035 down Rs 226, or 0.51 percent. The SILVERM rate touched an intraday high of Rs 44118 and an intraday low of Rs 43938. So far 368 contracts have been traded. SILVERM prices have moved down Rs 13127, or 22.96 percent in the August series so far.

 

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Silver shrinks to the lowest since 2010; follows Gold

20 May

Silver futures on Globex platform of Comex was seen trading down by 4.67% at $21.320 per troy ounce as of 10.10 AM IST on Monday.Speculation that US Federal Reserve may end its USD85 billion per month bond-buying program, might have influenced investors sentiments.

MUMBAI : Bullion futures in the international market are trading negative and silver prices fell to the lowest since 2010. Bullion prices shrunk to their lowest in four years as investment demand recorded a slump amid firm equities.

Silver futures on Globex platform of Comex was seen trading down by 4.67% at $21.320 per troy ounce as of 10.10 AM IST on Monday.

Comex gold futures are also down by 1.59% at $1343.05 per troy ounce as of 10.11 AM IST on Monday.

“Silver is trekking a similar path to gold,” Yang Xuejie, an analyst at Galaxy Futures Co., a unit of the brokerage controlled by China’s sovereign wealth fund said to Bloomberg.

“Investment demand is slowly falling and there are doubts about industrial demand, which is the primary driver.” he added.

Gold traders held 74,432 short contracts as of May 14, according to the US Commodities Futures Trading Commission.

Speculation that US Federal Reserve may end its USD85 billion per month bond-buying program, might have influenced investors sentiments.

Meanwhile, based on a simple regression analysis using data from 2003, Gold ETF outflows may cause downside risks of up to $75/oz in prices, Deutsche Bank has said in a report. If this turns out to be true, gold prices can touch $1282/oz from Friday levels of $1357/oz.

Deutsche Bank believes that the bulk of the drawdown in gold ETFs comes from institutional investors with, on Bank’s estimates, around two-thirds of the selling that is likely probably has already passed.

India bullion futures

Gold futures on India’s Multi Commodity Exchange (MCX) for June delivery was seen trading down by 1.39% at Rs.25477 per 10 grams as of 10.05 AM IST on Monday.

MCX silver futures for July delivery was also down by 4.09% at Rs.40885 per kilogram as of 10.05 AM IST on Monday.

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