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Commodity News Details
Weekly Silver Review: MCX futures rebound above Rs 80K
10-Aug-2024 13:16
Silver futures cut losses, breaking above $27 per ounce mark with conviction as supportive cues from equities and some stable moves in Copper prices boosted the white metal. Silver had sunk to three month low before this bounce and a massive 2.46% spurt in a single session has made the metal recover some of the steep losses seen recently. Silver mining major Hecla noted in its latest earnings report yesterday that Silver demand is projected to remain robust, supported by the growing solar demand as the world transitions to a cleaner, greener economy. This is expected to offer good support to the metal with a run up in Gold and Copper prices keeping the overall mood positive. COMEX Silver ended around $27.50 per ounce, down around 3% for the week. MCX Silver futures are back above Rs 80000 per kg following the rebound in global prices.

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