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  • COMEX Silver futures cracked lower, sliding from a two and half week high as weak Indian retail bullion demand scenario weighed on the metal. A continued corrective undertone in Copper also hurt the Silver prices. COMEX Silver eased near $25 per ounce. MCX Silver futures broke under Rs 67000 per kg mark amid sustained sluggishness in retail demand. The commodity is likely to stay under check in near term given the massive spurt in the Covid-19 daily cases in India. The white metal had tanked to a three and half month low of $23.74 per pound in last week of March before witnessing a modest recovery. The medium-term scenario looks supported though. JP Morgans global manufacturing index, which shows activity expanding when readings are above 50, rose to 55 in March to record its best growth spurt since February 2011. This is indicating steady outlook for industrial metals and silver will also track this going ahead.

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