MTECHTIPS;-Silver Soars As Break Above $17 Boosts Buying

MTECHTIPS;-Silver Soars As Break Above $17 Boosts Buying

MTECHTIPS-Silver Futures soared on COMEX following a strong momentum in precious metals on weak US dollar. The COMEX Silver futures added more than 1% yesterday and currently trade flat at $17.44 per ounce, sustaining gains on good buying after the recent break above $17 per ounce levels. The metal is holding around its two month highs as the US dollar index is lingering just above 92 levels – its lowest mark in around 13 months. MCX Silver futures soared 1.30% to close at Rs 39730 per kg yesterday and should see continued buying today. Meanwhile, large speculators continued to add to their bullish net positions in the Silver futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of silver futures, traded by large speculators and hedge funds, totaled a net position of 44546 contracts in the data reported through Tuesday August 22 th . This was a weekly spike of 5695 contracts from the previous week. Speculative silver positions are now higher for a fifth straight week. Meanwhile, the commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -55049 contracts for the week. This was a weekly loss of -6961 contracts

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