AHMEDABAD (Commodity Online): MCX Silver jumps above 59000 in opening trade at Indian’s Multi Commodity Exchange, extending a second monthly advance, on speculation that supply will lag behind demand as the global economic outlook stays uncertain. MCX Silver September delivery contract rose by 1.10 percent to 59800 as traders and investors build up fresh positions after price trade above strong support above 58800 rupees per Kilogram. According to Amrita Mashar, analyst with Commodity Online, MCX Silver future stays strong above 58800 in last one week. Immediate support for Silver future looks at 57000 rupees per kilogram. Silver stays range bound in earlier sessions due to slight weakness in Gold prices and recovery in industrial Metals prices. MCX Silver, which has been lagging in this entire move of Precious metals in last week, could bounce back quite sharply in coming weeks following near expiry. Anywhere near term possible target seen at 61000 for ongoing week, added Amrita. To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com

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