Gloss dims on silver's debut
By Richard Fu |
May 11, 2012, Friday
|
Print Edition
Print Edition
SILVER futures, which began trading yesterday in Shanghai, fell on concerns over a possible deterioration in the European debt crisis.
The most active September-delivery contract settled 0.42 percent lower at 6,140 yuan per kilogram, or US$30.25 per ounce, on the Shanghai Futures Exchange. The decline followed the tumble in global markets which are very worried that the European debt crisis will worsen following inconclusive election in Greece while the new French president has promised to renegotiate austerity agreements.
Earlier on Wednesday, New York silver fell to a four-month low of US$28.615 an ounce on Comex.
Silver was the 28th product to be launched on China's futures markets. Producers now have a new hedging tool to control risks and investors can buy it to protect against inflation.
Vice Mayor Tu Guangshao said the launch of the new silver contract was a significant milestone for the futures exchange.
The most active September-delivery contract settled 0.42 percent lower at 6,140 yuan per kilogram, or US$30.25 per ounce, on the Shanghai Futures Exchange. The decline followed the tumble in global markets which are very worried that the European debt crisis will worsen following inconclusive election in Greece while the new French president has promised to renegotiate austerity agreements.
Earlier on Wednesday, New York silver fell to a four-month low of US$28.615 an ounce on Comex.
Silver was the 28th product to be launched on China's futures markets. Producers now have a new hedging tool to control risks and investors can buy it to protect against inflation.
Vice Mayor Tu Guangshao said the launch of the new silver contract was a significant milestone for the futures exchange.
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