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Informist, Tuesday, Jun. 10, 2025

 

--MCX Jul silver contract hits record high of INR 107,369 per kg 

--MCX Sept silver contract hits record high of INR 108,490 per kg 

 

MUMBAI – Silver prices rose to another record high on the Multi Commodity Exchange of India Tuesday, taking cues from the COMEX. The contracts rose on the international exchange due to technical momentum and industrial demand, analysts said. 

"The precious metal's critical role in clean energy and electronics underpins over half of global demand, while the Silver Institute projects a narrower—yet persistent—deficit in 2025," Kedia Advisory said in a note. The global silver market is expected to be in a deficit for the fifth straight year in 2025 at 117.6 million ounces, according to the Silver Institute. Total demand is projected to fall slightly to 1.15 billion ounces and total supply of the metal is estimated to rise 1.5%, led by higher mine production.

 

At 1730 IST, the most-active July silver contract of the MCX was slightly higher at INR 107,156 per kilogram. The contract rose to a lifetime high of INR 107,369 per kg earlier in the day. The September silver contract on the MCX also hit an all-time high of INR 108,490 per kg on Tuesday.

 

"Investors are also drawn to silver as a safe haven amid economic uncertainty," the brokerage firm said. "Growing bets on a Fed rate cut in September, spurred by soft US data despite solid non-farm payrolls, have further fuelled the rally."

 

According to Kedia Advisory, the immediate resistance to the July silver contract is seen at INR 108,500 per kg and support is at INR 105,000 per kg. On the COMEX, the most-active July silver contract was trading at $36.84 per ounce, up 0.1% from the previous close. The brokerage sees resistance for the July silver contract is seen at $36.20 per ounce and support at $37.40 per ounce.  End

 

US$1 = INR 85.60

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by J. Navya Sruthi

Edited by Tanima Banerjee

 

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