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Tuesday, 16 December 2014

MCX Silver May futures contract slips 2.3% on weak global cues

Following a weak tendency overseas, silver futures prices may sold off sharply by over 2 per cent to Rs 38,051 per kg today as speculators were given to discharge positions.

Silver May 2015 contract was trading at Rs 38,051 down Rs 919, or 2.36 percent. Silver touched an intraday session high of Rs 38,080 and an intraday session low of Rs 37889. So far 62 contracts have been traded on MCX commodity Exchange.

Also, Silver futures delivery in March 2015 contracts lost Rs 387, or 1.00 per cent, to Rs 38,320 per kg.

Today at the bullion market in Delhi, Silver ready plunged by Rs 1,150 to Rs 37,050 per kg and weekly-based delivery by Rs 1,110 to Rs 37,390 per kg.

Silver coins also slumped by Rs 2,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Meanwhile, On the Comex, New York Mercantile Exchange Silver futures for March delivery fell 2.21% at $16.1970 a troy ounce. And in Singapore, silver fell 1.00 per cent to $16.87 an ounce.

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