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      Silver melts on MCX, down 2% on day

      MoM Team / Mumbai, Aug 16, 2017 01:37 PM IST

        Silver melts on MCX, down 2% on day

        MCX Silver took a tumble following the crash in global prices as safe haven buying gave way to a flurry of profit selling on easing global geopolitical concerns. The US –North Korea standoff weighed on the markets but lacked the heighted intensity that drove precious metals in a vertical manner last week. Silver had hit a two month high above $17 per ounce but has been slippery after failing to hold onto that level. The metal currently quotes at $16.65 per ounce, down 0.37 percent on the day. Prices slipped nearly 3 percent yesterday. This affected the local futures too as the MCX opened after yesterday’s Independence Day holiday.

        The benchmark MCX Silver futures opened sharply lower at Rs 38500- a gap of nearly Rs 700 per kg. The counter currently trades at Rs 38355 per kg, down 2.10 percent on the day.

        Meanwhile, speculators continued to increase their bullish net positions in the silver futures markets to a six week high, 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 33,864 contracts in the data reported through Tuesday August 8th. This was a weekly increase of 3,105 contracts. Long positions have advanced for three straight weeks now. Meanwhile, 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 -39,561 contracts on the week. This was a weekly uptick of just 106 contracts.

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