RESEARCH VIA - MCX COMMODITY TIPS FOR TODAY 31/102013

Precious Metals

D A I L Y

B U Z Z

Silver prices rose by 0.14 per cent to Rs 50,968 per kg in futures trade today largely in tune with a rising trend in precious metals overseas amid covering up of short positions by speculators.

At the Multi Commodity Exchange, silver for delivery in March next year traded higher by Rs 72, or 0.14 per cent, to Rs 50,968 per kg in business turnover of 9 lots.

Similarly, the white metal for delivery in December contracts traded Rs 44, or 0.11 per cent, higher at Rs 49,489 per kg in a turnover of 481 lots.

In the international market, silver was up by 0.13 per cent, to trade at USD 22.55 an ounce in Singapore.

Market analysts said besides short covering by speculators, a firming trend overseas on expectations the US Federal Reserve will maintain its aggressive stimulus after a government shutdown hurt the economy.

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