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Wednesday, November 11, 2009

MCX Silver Edges Above Rs 27000

Industrial demand seen holding up, Gold also offers support 


MCX Silver futures rose above Rs 27000 per kg in the first one hour of trade today as traders watched bullish global cues and ideas that the industrial metals would hold on amid dollar weakness and signs of strong demand from China. The base metals generally firmed up on upbeat equities and COMEX Silver logged a gain of 1% to hover at $17.38 per ounce from the previous close when last seen. 

According to a latest update from China's National Bureau Of Statistics, from January to October, the total investment in real estate development amounted to 2,844.0 billion yuan, up by 18.9 percent year-on-year, and went up by 1.2 percentage points over first nine months, while that of a decrease of 5.7 percentage points over same period of previous year. 

Japanese machinery orders in September also grew more than twice as fast as expected, data published on Wednesday showed. Copper managed to hold on to $2.95 per pound levels in Asia after the data from these two Asian economic powerhouses. Gold lingered around all time highs of $1110 and offered plenty of support to Silver. 

MCX Silver raced up by nearly Rs 200 to a high of Rs 27072 for the November contract as buying picked up after a drop of around Rs 300 in the last session. The counter currently trades at Rs 27030, up Rs 144 or 0.54% from previous close with 2% fall in the open interest. Watch out for further gains to bring in Rs 27130 and Rs 27210 levels.
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