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Thursday, 21 August 2014

MCX Silver December futures trades lower 0.7% on weak global cues as Fed rate outlook weighs

MCX silver futures were trading lower more than 0.70% at Rs 42,780 down Rs 298 on Thursday, amid speculation that the Federal Reserve will raise interest rates sooner than expected.

At the Multi Commodity Exchange, silver for delivery in December futures was trading at Rs 42,780 down Rs 298, or 0.70%. Prices hit evening session an intraday high of Rs 42925 and an intraday low of Rs 42713. So far 355 contracts have been traded.

Also for next month Silver September futures contract was trading at Rs 42045 down Rs 296, or 0.70 percent. Prices hit an intraday high of Rs 42288 and an intraday low of Rs 41961. So far 5051 contracts have been traded.

Also on the U.S. Comex, silver for September delivery lost 1%, or 19.4 cents, to trade at $19.30 a troy ounce, the lowest since June 12.

KheloMCX Market analysts said a moderated trend in global markets as minutes meeting of the Federal Reserve signaled that policy makers can enhance borrowing costs sooner than expected.

Other officials want to see more proof for economic recovery before moving toward collection rates. Now investors looked ahead to the annual meeting of the Federal Reserve's major central bankers and economists in Jackson Hole, Wyoming, due to begin later on Thursday.

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