MCX SILVER UPDATE 22-Oct

Posted by Bhupendra Adhav on Friday, October 22, 2010


Silver futures prices rose by Rs 159, or 0.40 per cent, at Rs 35,207 per kg on Friday, taking cues from firming global markets.
Firming trend at spot markets on the back of rising demand for the festive and marriage season, also supported the upside in the futures prices here.
At the Multi Commodity Exchange platform, silver for March delivery surged by Rs 159, or 0.40 per cent, to trade at Rs 35,207 per kg, with a business turnover of 355 lots.
Similarly, the metal for delivery in December spurted by Rs 112, or 0.35 per cent, to Rs 35,050 per kg, clocking an open interest of 3,717 lots.
Analysts said besides recovery in precious metal prices overseas, due to weakening dollar boosted demand as an alternative investment, rising demand for the metal in domestic markets for the ongoing festivals and marriage season also helped silver to trade higher.
Meanwhile, silver rose by 0.78 per cent to USD 23.36 an ounce in Asian region.
MCX Silver Chart


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