Weekly Silver Review: COMEX Futures See Tight Activity

Weekly Silver Review: COMEX Futures See Tight Activity

Oct 24, 2020 03:10 IST capital market

Silver futures saw a tight activity on COMEX this week, consolidating around $25 per ounce mark. Traders eyed weak Indian demand but a firm undertone in Copper futures capped the upside in the white metal. MCX Silver futures tested highs above Rs 63000 per kg before easing a little. Silver prices jumped 50% in 2020Q3, surpassing $28 an ounce on August 31, a seven year high, noted World Bank. Following a plunge in March to levels unseen since the global financial crisis, the sharp rebound was not only driven by the same factors as gold, but also the recovery in economic activity, given the metals many industrial applications. Prices are expected to average nearly 30% higher in 2020, before falling 14% in 2021.

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