Silver jumps on firm global signs in market

In the domestic market Silver futures closed high on Wednesday after participants raised their bets amid firming global trends. Analysts attributed the hike in silver prices at futures trade to a firming trend in the precious metals overseas.

At the MCX, silver futures for Dec. 2016 contract closed at Rs 42,200 per kg, upward by 0.06 per cent, after opening at Rs 42,185, against a last close of Rs 42,175. It touched the intra-day high of Rs 42,477.

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LBMA survey concluded a weak bullish run in gold in 2016

Local commodity market analysts observing a strong bull run in gold current year might need to do a rethink, if a London Bullion Market Association (LBMA) forecast survey for this year is anything to go by.

Thirty one analysts from Societe Generale CIB to JP Morgan, & the Barclays and HSBC to our very own BN Vaidya, who contributed to LBMA's Forecast 2016, estimate gold to average $1,103 an ounce in this year, just 1.1% higher than the 1st half of January this year & $57 under the actual average price ($1,160) in 2015. The high optimization of many home-grown analysts, who forecast the price to be greater than last year's average, stems from estimations of a reduction in both frequency and size of US Fed rate increment because of world financial market turmoil.Click For Commodity tips

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Today's Stock market : commodity news for 22 Dec, 2015

1. Commodity : Gold keeps gains from two-day rally on weaker dollar.

2. China pledges policy support to economy, reform in 2016.

3. HDIL increases 5%; JP Morgan says Kurla land deal to cut debt.

4. FIPB clears Cadila Healthcare, 8 other proposals.

5. Expect pick-up in specialty polymer business: Ester Ind.

6. SNZ to help boost diamond trade in country: Sitharaman.

7. BMW hit with $40 million penalty for safety lapses.

8. Nestle India gears up to launch more New Maggi variants.

9. Mahindra Reva mulls launching products in Europe up coming year.

10.Court may issue summons against Kejriwal: Jaitley's lawyer.

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Silver futures Plunged During Noon trade in the Domestic Trade

Silver tips - Silver futures were trading in the red during noon trade in the domestic market on Tuesday as investors and speculators stuck to a cautious stance amidst heightened speculation that the US Federal Reserve may raise interest rates next week, for the first time since 2006, dimming the lure for the bullion as a store of value. Backing up robust November jobs data which showed a strengthening labour market recovery in the world’s biggest economy, a top Fed official on Monday also dropped a strong hint of a rate lift-off at the Fed’s two-day policy meet beginning next Tuesday.

 

A slump in oil prices to a seven-year low signaled weaker global inflationary pressures, dimming the appeal of the precious metal, a hedge against rising prices. Oil prices have hit the freefall mode on concerns that the OPEC’s decision to refrain from limiting output to control prices may aggravate a supply glut.

At the MCX, Silver for March 2016 contract is trading at Rs 34,606 per kg, down by 0.47 per cent, after opening at Rs 34,725, against the previous closing price of Rs 34,771. It touched an intraday low of Rs 34,552

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MCX Tips: Gold Silver Updates Today

MCX Gold

Gold futures prices are showing quite rigidness, staying within a stiff range amid an upheaval of Greece remaining within the Euro. Despite yesterday’s G-20 meet confronts with a relaxed terms on Greece’s bailout, the metal could have had hardly any gain while the Euro rallied. With the broad tend looking positive, intraday weakness could only be seen if prices stay below 30370 region towards 30200/130 levels or even lower. However, a vertical rise through 30370 region could activate fresh rally towards 30500/30700.

Buy is suggested in MCX Gold Aug around 30200, Target of 30280-30360 with a stoploss of 30145.

MCX Silver

Silver futures prices have changed a little at early Globex with slight support from the Asian equities. Market may remain quite volatile today evening ahead of the FOMC meeting. In MCX broad trading range is seen inside 55350-54000 levels, either side breakout would be required to suggest fresh directional moves. Direct rise above 55350 will be an early signal of short covering rally towards 56100/57000.

We suggest a buy in MCX Silver Jul around 54350, Target: 54700-55100 with a stoploss of 54230.

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