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Wednesday, 2 July 2014

MCX Silver prices weakens in futures trade on global cues

Silver futures contract prices on MCX were trading down on Wednesday. MCX silver futures delivery in current month July was down by Rs 124, or 0.31 per cent, to Rs 44,160 per kg and silver futures delivery in September fell by Rs 90, or 0.20 per cent, to Rs 44,800 per kg.

While in morning trade, MCX Silver December futures contract was trading at Rs 45737 up Rs 5, or 0.01 percent. Silver price hit an intraday high of Rs 45737 and an intraday low of Rs 45655. So far 10 contracts have been traded. market analysts said a mild trend overseas due to the recent spike in precious metals has reduced physical demand and gave rise to a fall in silver prices in futures trade here.

Also on the Comex, silver for September delivery settled down 0.28%, or 6.0 cents, to trade at $ 21.05 a troy ounce. Prices partially recovered to $ 21.21 on Tuesday, the highest level since March 18.

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