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As on: May 31, 2020 10:44 PM
Weekly Silver Review: COMEX Futures Test Three And Half Month Low
13-Apr-19   15:10 Hrs IST

COMEX Silver futures fell to a three and half month low last week amid worries that slowing global economic growth can hurt the industrial demand for the metal. The metal followed a slide in major commodities like Gold, Crude oil and Copper to test a three and half month low of $14.84 per pound. MCX Silver futures fell near Rs 36900 per kg before witnessing modest buying. Demand concerns are likely to stay in place after the IMF’s updated forecast called for 3.3% global growth this year, down from 3.5% in January.

Meanwhile, the fundamental scenario is supportive for the commodity following the supply and demand estimates. The Silver Institute’ latest World Silver Survey, said that global silver demand hit a three-year high in 2018, soaring to slightly more than one billion ounces, an increase of 4% from 2017. It also said that global silver mine production fell for the third straight year, dropping 2% in 2018 to 855.7 million ounces. However, the demand for industrial fabrication eased slightly to 578.6 million ounces compared to 585.8 million ounces in previous year and could see a further moderation given the delicate tone in global economic picture.

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