MCX Silver bullish; resistance 42000

MUMBAI-INDIA (July 11) The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) is bullish and intra-day trader are advised to stay on buy side.

“For intra-day, support for the commodity is seen at 41200 while 42000 is the resistance. If prices break level of 42000 then the futures is expected to move towards 42500 and 41500 levels,” said Amrita Mashar, Research Analyst at Commodity Online.

MCX silver futures for September delivery was seen trading up by 2.89% at Rs. 41334 per kilogram as of 05.20 PM IST on Thursday.

Bullion prices in the global market edged up on Thursday after US Federal Reserve Chairman Ben Bernanke hinted that the Central Bank would continue with its existing monetary stimulus.

Weak US Dollar and short covering were seen supporting the white metal price movement to certain extent.

Silver futures for September delivery on Globex platform of Comex was seen trading up by 3.42% at $19.822 per troy ounce as of 05.21 PM IST on Thursday.

Meanwhile, Mexico's Endeavour Silver Corp achieved new records for quarterly silver and gold production in the Second Quarter, 2013 from the Company's three operating silver mines in Mexico.

Silver production in the Second Quarter, 2013 was up 48% to 1,535,873 ounces (oz) and gold production was up 159% to 19,914 oz compared to the Second Quarter, 2012.