Silver - Feb 3, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International silver prices rebounded this Wednesday morning and early afternoon in Asia after falling over 8% during the previous session.
Technically, LBMA Silver Spot after giving a sharp correction is trading near $26.89 levels indicating a sideways momentum to continue in the range of $26.00-$27.80 levels.
Domestic silver prices are trading flat to marginally higher this Wednesday morning and early afternoon in Asia, tracking overseas prices.
Technically, MCX Silver March holds a support of 21-Daily Moving Average at 67300 levels and above which could see sideways to bullish momentum but still remain in the range of 67000-69800 levels.
Silver price recovers to Rs 68,096 per kg after sharp fall in previous session
In the futures market, silver for March delivery touched an intraday high of Rs 69,147 and a low of Rs 68,048 per kg on the MCX.
Mumbai / February 03, 2021 / 05:09 PM IST
Silver prices edged higher to Rs 68,096 per kg on February 3 as participants widened their positions. The precious metal had a sharp fall of 10.3 percent yesterday on the COMEX.
The attempted short squeeze by small retail traders on silver has at least temporarily failed and one of the reasons contributing to the pullback could be the CME Group raising maintenance margin on silver futures by 17.9 percent on Monday to tackle unusual market volatility.
Rupee - Feb 3, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended flat against the dollar, ahead of the MPC decision on Friday.
Meanwhile the Rupee remained in a narrow trading band amid expectations that RBI could absorb portfolio flows and keep the local unit in a narrow range.
The Rupee ended at 72.96, unchanged against the previous session. The unit traded in a narrow 6-paise band in today s session.
Some support came in the form of positive ending in the domestic equity markets supported by foreign portfolio inflows.
Meanwhile, most Asian currencies were weak this Wednesday as the U.S Dollar Index remains steady ahead of key data.
Crude Oil - Feb 3, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil extended gains this Wednesday morning and early afternoon in Asia supported by declines in U.S. crude stockpiles.
OPEC+ said it expects that it will drain an oil surplus by the middle of the year. Oil inventories in developed nations will subside back below their five-year average in June, according to a report compiled by OPEC+.
The Joint Ministerial Monitoring Committee, which oversees the alliance s strategy, will convene online today to assess the outlook. The JMMC is unlikely to recommend new policies in this meeting.
Gold price today: Yellow metal trades lower; silver March futures down over 2%
Domestic gold prices have become cheaper due to duty cut however general price trend will be determined by international markets. February 02, 2021 / 11:21 AM IST
India Gold MCX April futures are trading lower on February 2 tracking muted trends seen in the international spot prices. Silver March Futures were down more than 2 percent. On the Multi-Commodity Exchange (MCX), April contracts were trading lower by 0.60 percent at Rs 48,430 for 10 grams at 0920 hours. Silver March futures were trading 2.2 percent lower at Rs 72,032 a kilogram.
Gold and silver prices gained in the international markets on Monday. Gold April futures contract settled at $1863.90 per troy ounce and Silver March futures contract settled at $29.42 per troy ounce.