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Tuesday, 17 March 2015

MCX Silver July contract down by 0.5% amid a weak trend overseas



The MCX Silver futures contract traded down amid a weak trend overseas on Tuesday.

At the MCX, silver for delivery in July contract was trading at Rs 35,865 down Rs 183, or 0.51 percent. Prices touched an Intraday session high of Rs 35,908 and an Intraday low of Rs 35,857.

On similar lines, Silver May contract was trading at Rs 35,379 down Rs 184, or 0.52 percent. Prices touched an Intraday session high of Rs 35,425 and an Intraday low of Rs 35,331. So far as MCX 936 futures contracts have been traded.

In the national capital bullion market, Silver prices dropped by Rs 400 to Rs 35,650 per kg on reducing offtake by industrial units and coin makers. Silver coins also plummeted by Rs 1,000 to Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.

In the meantime, investors were decided to open new long positions before the monetary policy meeting held by the Federal Reserve will begin two days later in the day.

Meanwhile, at global marketplace silver futures delivery in May dropped 14.0 cents, or 0.9%, to trade at $15.47 a troy ounce. On Monday, silver futures gained 12.3 cents, or 0.79%, to close at $15.61.

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