India Silver futures may trade volatile; US Silver bearish

MUMBAI-INDIA (Aug 6)  Silver prices declined on Tuesday and is seen trading bearish tracking the bearish trend in gold supported by weak international cues. The white metal is likely continue with the trend as there are no major data releases are scheduled for the day.

Silver for September delivery on Globex platform of Comex was seen trading down by 0.32% at $19.625 per troy ounce as of 05.47 PM IST on Tuesday.

MCX Silver

The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) is seen trading slightly up and is expected to trade volatile during intra-day trade, according to our analyst at Commodity Online.

“For intra-day, resistance for the commodity is seen at 42200 and 42800 levels while support is seen at 41000 level. Traders are advised to remain cautious while taking positions for the day,” said Tarang Parmar, Research Analyst at Commodity Online.

MCX silver for September delivery was seen trading up by 0.11% at Rs.41807 per kilogram as of 05.39 PM IST on Tuesday.

UK industrial production rose to 1.2% in June 2013, higher when compared to June 2012 (year-on-year basis) while industrial output rose 1.1% between May 2013 and June 2013 (month-on-month basis), according to the data released by the Office for National Statistics on Tuesday.

In the United States, economic activity in the non-manufacturing sector grew in July for the 43rd consecutive month, as per the latest report on non-manufacturing released by the Institute of Supply Management (ISM) on Monday.

The non-manufacturing index (NMI) registered 56 percent in July, 3.8 percentage points higher than the 52.2 percent registered in June. This indicates continued growth at a faster rate in the non-manufacturing sector