MTECHTIPS:-Silver Remains Supported Around $18 Levels

MTECHTIPS:-Silver Remains Supported Around $18 Levels

MTECHTIPS – MCX Silver futures closed just above Rs 41200 per kg yesterday as the global prices recovered above $18 per ounce levels. The undertone in global Silver market remains firm amid strong speculative demand and support from sound economic cues. COMEX Silver futures are lingering just around $18 levels in Asian trades amid supportive equities. Large speculators continued to push their bullish net positions higher in the silver futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 64,171 contracts in the data reported through Tuesday September 5th. This was a weekly increase of 10,526 contracts.Silver speculative positions have gained for seven consecutive weeks which has leveled speculative positions at the highest standing since June 6th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -76,688 contracts on the week. This was a weekly fall of -11,100 contracts

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