Silver prices may rally further: NS Ramaswamy

NS Ramaswamy, Head Commodities, Ventura Commodities Pvt. Ltd., talks to ET Now on Agro and Non-agro Commodities.

What’s your call on silver?

Silver has actually got a good benefit out of the entire metal pack because if we were to date back to four or five weeks previous sessions, thrashing that happened in the base metal complex actually took silver to low levels. From a level of $40, we saw it crashing close to 37-38 and then subsequent to that, it did not get the support from the bullion pack. It continues to remain on a bearish note but immediately after that, we have witnessed silver to remain on a range bound between 38 and 40. Now that it is on the upper side of the range and it has actually broken the $40 barrier and it is close to $41 barrier. We are expecting on an intraday basis for silver to cross $41.10. In the near term we see a spike from here onwards to close to $45-46. Although it would be on an industrial demand side, it would remain on a weaker note because the base metals and the industrial demand note has to really pick up, so for silver, the rally is still due.