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MTECHTIPS;-Silver could struggle for direction but investor interest remains strong'

Wednesday, October 16, 2019 6:25

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MTECHTIPS;-Silver could struggle for direction but investor interest remains strong’

MTECHTIPS-Silver, which breached $19 per ounce (oz) last month for the first time since 2016, corrected almost 14 percent from the highs to slip below $17/oz early October but has regained almost 5 percent since then. Silver surged to a three-year high earlier this year amid sharp gains in Gold and robust ETF inflows. The momentum weakened as Gold turned rangebound while industrial metals witnessed mixed trade. This is also evident from the shift in speculative positions. As per US CFTC data, non-commercial traders for Silver futures raised long position in late July to the highest level since April 2017, however, we have seen mixed trend since then. In the last ten weeks, speculators have cut long position six times. Gold, which surged to a six-year high last month, has been trading in a broad range near $1,500/oz since then. Fed’s hesitance on interest rate cut and US-China attempts to resolve trade issues brought a halt to Gold’s rally. However global growth worries and geopolitical issues kept a floor to price. Industrial metals are struggling for direction countering individual fundamentals against global growth slowdown and US-China trade uncertainty. LMEX, an index of industrial metals traded on LME, has largely remained unchanged from the beginning of the year but has recovered nearly 3 percent from the lows set in August. Amid other precious metals, Palladium price has surged to record high level above $1700/oz amid deficit concerns. Platinum has edged up but the well-supplied market has kept a check on the gains

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