Silver prices rose to Rs 42,050 per kg on April 29 as participants increased their long positions tracking global cues.
In the futures market, silver for May delivery touched an intraday high of Rs 42,075 and a low of Rs 41,814 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 33,580 and a high of Rs 50,123.
Silver delivery for May gained Rs 321, or 0.77 percent, to Rs 42,033 per kg at 14:30 hours with a business turnover of 2,059 lots. The same for July contract rose Rs 251, or 0.59 percent, to Rs 42,595 per kg with a turnover of 4,847 lots.
The value of May and July contracts traded so far is Rs 107.11 crore and Rs 483.73 crore, respectively.
The spot gold/silver ratio currently stands at 112.08 to 1, which means the amount of silver required to buy one ounce of gold.
As Silver has more industrial use, we have avoided any kind of directional trade on this precious metal and have only booked Calendar Spread trades. However, looking at the current irrational gold/silver ratio, we might start to look at tactical directional trade, said Aurobinda Prasad Gayan, Head - Commodities Strategy, Tata Asset Management
MCX Silver will trade with a positive bias for the session with support placed at Rs 42,180-41,900 whereas resistance is at Rs 42,880-43,050, according to Motilal Oswal.
The brokerage firm said spot silver has resistance at $15.33-15.48 whereas support is at $14.90-14.75 levels.
At 09:07 (GMT), the precious metal was up 1.13 percent quoting at $15.34 an ounce in New York.For All Commodities Related News - Click Here