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Last Updated : Sep 15, 2020 03:33 PM IST | Source: Moneycontrol.com

Silver futures inch higher to Rs 69,342 per kg on positive China data

In the futures market, silver for December delivery touched an intraday high of Rs 69,600 and a low of Rs 68,199 per kg on the MCX.

Silver prices climbed to Rs 69,342 per kg on September 15 as participants increased their long positions as seen by the open interest. The precious metal settled with a gain of 1.42 percent on September 14 on COMEX.

Silver prices gained tracking strength in gold, following weakness in the US dollar and positive economic data from China. The US Dollar Index, measured against a basket of six currencies, slipped 0.15 percent to trade at 92.92.

According to the National Bureau of Statistics, China's retail sales in August grew 0.5 percent for the first time this year, while industrial production rose 5.6 percent year-on-year.

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Silver holdings in iShares ETF fell by 28.95 tonnes to 17,292.19 tonnes on weaker investor interest.

In the futures market, silver for December delivery touched an intraday high of Rs 69,600 and a low of Rs 68,199 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 49,415 and a high of Rs 79,723.

Silver delivery for December contract gained Rs 377, or 0.55 percent, to Rs 69,342 per kg at 14:20 hours with a business turnover of 17,213 lots. The same for the March contract jumped Rs 649, or 0.91 percent, to Rs 71,640 per kg with a turnover of 294 lots.

The value of December and March’s contracts traded so far is Rs 1,138.31 crore and Rs 9.02 crore, respectively.

The spot gold/silver ratio currently stands at 71.75 to 1, which means the amount of silver required to buy one ounce of gold.

MCX Silver is likely to trade in a higher range for the session having support at Rs 68,365-67,870, whereas resistance is at Rs 69,630-69,900 levels, according to Motilal Oswal.

At 08:58 (GMT), the precious metal gained 0.86 percent, quoting at $27.59 an ounce in New York.

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First Published on Sep 15, 2020 03:33 pm
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