India’s 2011 silver imports drops from 2010

According to the news released by a senior official at SocotiaMocatta, Silver imports to India, the world’s biggest consumer, would be low as compared to 2010’s 3030 tonnes as traders are not happy with the cost hitting more than Rs 50,000 per kg.

While talking to media, the managing director of India Bullion, SocotiaMocatta, part of the Bank of Nova Scotia said, “Silver business is not that significant (by volume)… couple of months ago it was very good when prices had tapered off.”

Reports have said that the December silver contract on India’s Multi Commodity Exchange (MCX) was down 0.84 percent at 55,375 rupees per kg.

Venkatesh expects demand to improve if prices come down to 40,000-45,000 rupees.

He further told media that the Gold costs are expected to retrace and breach $2,000 per ounce in next 3-4 months, driven by crisis in the euro zone and the Unied States.

“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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