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Monday, 16 February 2015

MCX Silver May contract up 0.2% in futures trade on global cues

Silver prices were traded in MCX firm on Monday as speculators enlarged positions amid positive indications from overseas markets.

"Silver adds marginally gain on Monday in early Asia trade, amid officials from Greece and the European Union talks in focus later in the day and U.S. markets shut." KheloMCX Commodity Advisory said.

At the Multi Commodity Exchange (MCX), silver futures for delivery in May edged higher by Rs 77, or 0.20 per cent, to Rs 38,609 per kg. Silver hit an Intraday high of Rs 38648 and an Intraday low of Rs 38512. So far 114 contracts have been traded in MCX.

Analysts said a better trend in precious metals in global markets as a weaker U.S. dollar and ongoing uncertainty over developments in Greece boosted the appeal of the precious metal and influenced silver prices at futures trade.

Meanwhile, on the Comex, silver futures for March delivery fell 0.10% at $17.315 a troy ounce. And silver traded 0.06 per cent higher at $17.33 an ounce in Singapore.

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