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SILVER

Silver prices eased in the last week in global platforms, but the prices marked a revival from a three month low in April.

* LBMA spot silver eased 0.35 percent last week whereas COMEX Silver fell 0.86 percent.

* MCX active silver futures shed 1.67 percent last week.

* Global silver demand is projected to achieve a six year high of 1.025 billion ounces in 2021—Silver Institute

Silver prices witnessed monthly recovery

Silver prices revived in April from a three month low hit in the previous month. The precious white metal is moreover steady in its recovery path although the sentiments in risky asset classes have improved lately.

Silver prices eased last week, after three weeks’ gain

The spot prices of silver in LBMA platform eased 0.35 percent to USD25.9 per troy ounce last week. Silver spot prices in India’s domestic Mumbai market was down by 1.01 percent to Rs.68500 per kilogram last week.

In COMEX platform, the silver futures dipped 0.86 percent WoW and settled USD25.85 per troy ounce last week. Near month MCX silver futures prices was down by 1.67 percent WoW and settled at Rs.67524 per kilogram.

US Fed promises to use full range of tools to support economy

After the two days’ policy session, FOMC left the overnight interest rate unchanged at 0-0.25%, promising to use full range of tools to support economy. To increase bond purchases by at least $80 billion per month of treasuries and $40 billion per month of MBS until 'substantial further progress' made on maximum employment and price stability goals.

Silver Demand Forecast to Rise 11 Percent in 2021 - Silver Institute

Led by industrial use and physical silver investment, global silver demand is projected to achieve a six year high of 1.025 billion ounces in 2021, according to an analysis published by the Silver Institute. Strong investment demand is expected to push silver prices higher in 2021.

iShare Silver backed ETFs outflows second month

Total physical holdings of Silver backed ETFs with iShare silver trust declined by 1.33 percent in April after 6.62 percent outflows in March. By the end of February, Silver ETFs holdings shown three monthly inflows to a historic high. The total physical holdings in silver with iShare silver trust is more than 567 million troy ounces.

COMEX Money managers add net longs in Silver F&O contracts

Data from U.S. Commodity Futures Trading Commission (CFTC) showed that the hedge funds and money managers increased their bullish positions and bearish positions in COMEX silver contracts in the week ended April 30, and the net long positions increased.

Gold - Silver Ratio at 68.24 ounces

Gold/Silver Ratio is the amount of silver it takes to purchase one ounce of gold. One ounce of gold was at 68.24 ounces of silver on Friday. The ratio was merely steady through last week, and relatively lower considering past few months.

Outlook
Short term trend continue to be on the lower side as the safe haven appeal of precious metals remains feeble due to improved global economic sentiments. Recovering US dollar and steady global equities also assisted the sentiments.

However, a possible industrial demand pick up especially form China, may dent major downside in the metal.

COMEX: Expect a choppy trade inside $29.90-23.80 levels initially and breaking any of the sides would suggest fresh directional moves to the commodity.

MCX: Most probably prices may track its overseas sentiments and a likely range bound trade inside Rs 74500-56000 initially. Anyhow, breaking any of the sides would suggest fresh direction to the commodity.

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