Weekly Silver Review: COMEX Futures Test One Year Low

2 Jul 2022 , 12:51 PM

Silver futures fell to one year low as a heavy bout of correction in COMEX Copper weighed on the white metal. Silver also eyed weakness in global equities and recession worries in general. The metal broke under $20 per barrel mark amid sustained selling pressure. The Indian demand remains under stress given the lax buying season and economic challenges. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers Index (PMI) stood at 53.9 in June, lower than 54.6 in May. The latest reading showed the weakest pace of growth since last September. The MCX Silver futures also stayed on a correction course in tune with global cues and extended losses under Rs 60000 per kg mark.Powered by Commodity Insights