Weekly Silver Review: MCX futures bounce above Rs 91K mark

COMEX Silver futures stayed largely supported around two month low. The metal broke above $31 per ounce mark but still ended November with a loss of around 5%. Broad demand outlook is steady and a bounce in Copper is supporting the metal after recent set of losses. Global supply of silver is expected to increase by 2% year on year. The Silver Institute said the global silver market is on course to a physical deficit in 2024 for the fourth consecutive year, at around 182 Moz. Excellent import trends from India are also supporting the metal after its recent break above $30 per ounce. India's Silver imports have gained by around 47.40% on year in April-October 2024. Sustained weakness in Indian Rupee, which fell to fresh lows around 84.60 per US dollar in recent days, is keeping the local prices supported. MCX Silver futures fell under Rs 89000 per kg mark for a while before bouncing and ended above Rs 91K.

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