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Mid-Session Silver Market Report for 7/3/2008

September CBOT silver moved as high as 18.5750 ahead of the employment data this morning which was the highest price since April 16th but the surge in the dollar was enough to knock the market to an early low of 18.0580. Peru supply issues due to the strike which was attracting more strikers yesterday along with commodity inflation fears have helped support the market this week but a new high for the dollar on the week slowed buying interest and sparked a long liquidation sell-off after the economic data. While the strike was building momentum yesterday, reports that workers at one mine agreed to end their strike kept the Peru silver supply uncertainties in tact. Silver deliveries came in at 1 for the 5000 oz contract and 115 for the mini-silver.




 
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