Hot Commodities: Massive Spike In Silver, COMEX Futures Break Above $21 Per Ounce

4 Oct 2022 , 12:08 PM

COMEX Silver futures saw a tremendous spike in last session as the metal jumped in tune with Gold, equities and copper. The white metal has been rising after testing nearly two year low and jumped around 9% in last session. The latest data from the US Commodity Futures Trading Commission or CTFC showed that COMEX Silvers bearish positioning has bounced off its recent three-year lows. However, bulk of the latest gains seems to be linked to a solid upmove in the DOW which is trying to rebound after a more than 20% drop from its highs. Copper is also on a recovery course. COMEX Silver futures jumped further today and currently trade at $21.05 per pound, up 2.20% on the day to hit three month high. MCX Silver futures have also jumped above the key Rs 60000 per kg mark and currently trade at Rs 61639 per kg, up 1.20% on the day. Powered by Commodity Insights