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  • End Session Commentary - Detailed News

Weekly Silver Review: COMEX Futures Hit 13 Month Top
20-Jul-19   16:03 Hrs IST

Silver futures soared in tune with the Gold prices. The white metal hit a 13 month high of $16.50 per ounce as a break above $16 continued. The metal also benefited from a surge in Copper prices and is likely to stay supported in near term. MCX Silver futures hit a high above Rs 41600 per kg amid bullish global cues. Ob a broad note, the silver market is eyeing some supply issues. According to Peru’s Ministry of Energy and Mines, the country’s largest primary silver mine saw its production tumble by 54% in the first quarter of 2019.

The Uchucchacua Mine, run by Buenaventura, is the largest primary silver mine in Peru and is also ranked third in the world. Buenaventura reported that silver output at the Uchucchacua Mine decreased during Q1 2019 due to a contractor strike that lasted 21 days and significant rains. However, silver production at Uchucchacua continued to be weak in April, three months after the strike ended, latest data showed.

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