Silver Appears to be Like Supported, Traders Eye Strength In Base Metals

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COMEX Silver futures slipped a bit on revenue reserving after hitting two week highs although vulnerable US dollar and firmness in Copper prices may cap the losses. The white metal has surged this week in tune with Gold futures and the COMEX metal futures broke above the $16 per ounce ranges easily.
The metal is presently quoting at $16.20 per ounce, down 0.20% on the day. MCX Silver futures ended flat at Rs 37530 per kg. COMEX Copper hit near two month high the day prior to this, maintaining the undertone firm for industrial commodities.


Precious metals speculators trimmed their internet positions in the Silver futures markets again ultimate week bringing down speculative sentiment on this brilliant metallic, in line with the newest commitment of traders(COT) data launched through the Commodity Futures trading commission (CFTC) on Friday.
The non-industrial futures contracts of Silver futures, traded with the aid of huge speculators and hedge dollars, totaled a internet position of 9,914 contracts in the data suggested through Tuesday December 12th. This was once a weekly discount of -21,512 contracts from the previous week.

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