Spot Demand Boosts Silver Prices Up by Rs 69,691 a Kilogram
The increase was attributed to new positions taken by participants on the basis of a positive domestic trend
Silver futures prices rose by Rs 42 to Rs 69,691 per kg on Wednesday, as traders increased their bets on firm spot demand. In futures trading, gold prices increased by Rs 34 to Rs 46,905 per 10 gram, as speculators opened new positions in response to firm spot demand.
Silver contracts for July delivery rose Rs 42, or 0.06 percent, to Rs 69,691 per kg in 8,985 lots on the Multi Commodity Exchange, while gold contracts for June delivery rose Rs 34, or 0.07 percent, to Rs 46,905 per 10 gram in 10,437 lots. Aluminium contracts for May delivery rose 95 paise, or 0.49 percent, to Rs 196.05 per kg in a business turnover of 1,785 lots, while zinc contracts for May delivery rose Rs 1.45, or 0.62 percent, to Rs 236.30 per kg in a business turnover of 2,593 lots. In a company turnover of 1,945 lots, nickel contracts for Can delivery gained Rs 16, or 1.21 percent, to Rs 1,333.90 per kg. Copper contracts for delivery in May traded higher by Rs 2.60, or 0.34 per cent, at Rs 765.25 per kg in a business turnover of 4,458 lots.
In the futures market, aluminium prices rose 0.49 percent to Rs 196.05 per kg. According to analysts, the emergence of new positions by traders due to customer demand boosted aluminium prices in the futures market. Zinc prices increased by 0.62 percent to Rs 236.30 per kg, following a firm trend in physical markets as spot demand increased.
Nickel prices rose by 1.21 per cent to Rs 1,333.90 per kg in futures trade on Wednesday as speculators built fresh positions on rising demand from alloy makers in the spot market. Copper prices on Wednesday traded up 0.34 per cent at Rs 765.25 per kg in the futures market due to raising of bets by participants driven by pick-up in spot demand.
However, globally, silver was trading 0.27 per cent lower at $26.49 per ounce while gold prices traded 0.02 per cent higher at $1,776.30 per ounce in New York.