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Silver Well Supported, COMEX Futures Hover Around $22 Mark

Silver Well Supported, COMEX Futures Hover Around $22 Mark

May 24, 2022 5:50 IST | capital market
COMEX Silver futures stayed well supported today as firm cues from Gold and good demand outlook benefited the white metal. Total silver demand in 2021 hit a six-year high at 1.05 billion ounces. Rising demand in every single category pushed silver usage higher last year. This year, the outlook for silver demand remains bright, with a 5% increase seen due to industrial fabrication, according to Metals Focus. Meanwhile, the global supply is forecast to rise by 3%, media reports noted. The commodity hit a two week high of $22.21 per pound in last session and currently trades at $21.93 per pound, up around 1% on the day. The US dollar index has slipped under 102 mark, testing around one month low and is keeping metals and energy counters well supported despite sluggish cues from equities. Asian stock markets slipped as China Covid-19 worries weighed on the sentiments. European markets eased too with German DAX sliding 0.80%. Powered by Commodity Insights

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