Silver imports to India seen down from last year
Silver imports to India, the world’s biggest consumer, would be marginally lower in 2011 from last year’s 3,030 tonne as traders are uncomfortable with prices ruling above Rs 50,000 per kg, a senior official at SocotiaMactoa said on Thursday.
“Silver business is not that significant [by volume]… couple of months ago it was very good when prices had tapered off,” Rajan Venkatesh, managing director, India bullion, SocotiaMactoa, part of the Bank of Nova Scotia, told reporters.
At 2:17 pm, the December silver contract on India’s Multi Commodity Exchange (MCX) was down 0.84% at Rs 55,375 per kg.
Venkatesh expects demand to improve if prices come down to Rs 40,000-45,000.
Gold prices are likely to retrace and breach $2,000 per ounce in next 3-4 months, driven by crisis in the euro zone and the US he said.
“Now they don’t have faith in cash because helicopter load of [US] currency is being printed,” said Venkatesh from Scotia, which is looking to expand its current 19 bonded warehouses in India.
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