Silver futures soared sharply yesterday, breaking above $27 per ounce mark with conviction as supportive cues from equities and a rally in Copper prices boosted the white metal. Silver had sunk to three month low before this bounce and a massive 2.46% spurt in last session has made the metal recover some of the steep losses seen recently. Silver mining major Hecla noted in its latest earnings report yesterday that Silver demand is projected to remain robust, supported by the growing solar demand as the world transitions to a cleaner, greener economy. This is expected to offer good support to the metal with a run up in Gold and Copper prices keeping the overall mood positive. COMEX Copper also spiked today following the break above $4 per pound mark. COMEX Silver is currently at $27.63 per ounce, up 0.09% on the day. MCX Silver futures are trading at Rs 80717 per kg, up 0.13% on the day.

Powered by Commodity Insights