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Silver futures up marginally in afternoon trade

In the futures market, silver for May delivery touched an intraday high of Rs 42,488 and a low of Rs 41,195 per kg on the MCX.

April 27, 2020 / 04:35 PM IST

Silver prices rose Rs 42,090 per kg on April 27 as participants increased their long positions.

Total physical demand for silver was down by 2 percent last year to 1,035.1 million troy ounce (32,196 tonne), driven lower by a drop in industrial applications and jewellery, although this was slightly offset by a pick-up in retail investment. Industrial fabrication fell by 4 percent to an estimated 554.9 moz (17,259 t) as demand was dragged down by a slowdown in the global economy and an escalation in the trade conflict between the United States and China, according to data from Refinitiv GFMS.

In the futures market, silver for May delivery touched an intraday high of Rs 42,488 and a low of Rs 41,195 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 39, or 0.09 percent, to Rs 42,090 per kg at 15:15 hours. The same for July contract was up Rs 4, or 0.01 percent, to Rs 42,723 per kg.

The value of May and July contracts traded so far is Rs 848.55 crore and Rs 171.31 crore, respectively.

Close

The spot gold/silver ratio currently stands at 112.70 to 1, which means the amount of silver required to buy one ounce of gold.

At 09:50 (GMT), the precious metal was up 0.56 percent quoting at $15.34 an ounce in New York.

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Moneycontrol News
first published: Apr 27, 2020 04:35 pm

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