Nymex Silver Outlook: Karvy Commtrade Ltd.
Published on Thursday, March 11th, 2010 at 7:03 PMAuthor: onlinecommoditycalls (1958 Articles)
May delivery silver futures declined along with other commodities and closed 1.85 percent down at $17.02/oz.
Weak base metals drove silver prices down. Base metals’ complex on LME dropped nearly 1 percent yesterday.
The MSCI index for world stocks rose for the eighth day in the last nine trading days. The index closed 2.15 percent up, supported by firm US equities yesterday.
Ishares silver holdings remained unchanged at 9351.40 MT yesterday. MCX silver futures for May delivery closed 1.80 percent down at Rs. 26,546/kg. Prices fell as low as to Rs. 26,472/kg.
Outlook
Silver is trading weak at $16.89/oz on Comex’s electronic platform, taking cues from weak base metals. LME is running lower in Asian hours.
Economic data remain mixed with US deficit levels widening further while jobless data expected to be falling. Market sentiments point to further liquidation in existing positions which could drag down prices for the day.
However, dollar movement on actual data releases would be worth watching. There could be a flat opening on MCX with some pressure on prices during the day.
Courtesy: Karvy Commtrade Ltd.
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