MTECHTIPS:-Silver Spurts To Five Week High On Dollar Weakness

MTECHTIPS:-Silver Spurts To Five Week High On Dollar Weakness

MTECHTIPS-Silver soared near Rs 42000 per kg levels on MCX following strong global cues. The metal has been in excellent form recently, rallying in tandem with Gold and Copper. COMEX Silver futures hit a five month high of $18.30 per ounce as a recent break above $18 extended. MCX Silver futures are currently trading at Rs 41812 per kg, up 0.47% on the day. US dollar index tested near 91 mark, its lowest level in 32 as concerns over the potential impact of Hurricane Irma weighed on the currency. Large speculators added 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 53,645 contracts in the data reported through Tuesday August 29th. This was a weekly gain of 9,099 contracts from the previous week. Silver speculative positions have risen for six straight weeks (by a total of +44,269 contracts over that time) and are now at the highest level since June 13th. 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 -65,588 contracts on the week. This was a weekly drop of -10,539 contracts

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