India silver imports touch 24 tons in May-June -
June 19th, 2008
India silver imports touch 24 tons in May-June
MUMBAI : India imported 24 tons of silver in the May-June period, ending a three-month moratorium owing to lack of demand, according to Bombay Bullion Association.
The demand is expected to remain dull this month, but it may pick up in the next two months said, BBA.
India's demand of 3,000-4,000 tons silver comes from rural India, where agricultural output is determined largely by the June-to-September monsoon.
The silver price may see some correction up to Rs 22,100 per kg from the present Rs 23,200 per kg.The price had touched a high of Rs 28,000 per kg two months ago.
The range of fall in silver contracts was sharp on commexes.On MCX Silver July 08 contract and September contract fell by 1.08 per cent each to Rs 23,173 and 23,341 per kg respectively.
“Statistics are like a Bikini.
What they reveal is Suggestive,
but what they Conceal is VITAL.”