Silver futures recover 0.3% on global cues; short-covering

Silver for delivery in July traded 0.23%

Tracking a recovery in precious metals in global markets, silver futures prices today rose by 0.33% to Rs 40,115 per kg as speculators built up fresh positions amid covering-up of short positions.

At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 130, or 0.33%, to Rs 40,015 per kg in business turnover of 572 lots.

On the similar lines, silver for delivery in July traded Rs 92, or 0.23%, higher at Rs 39,568 per kg in a turnover of 2,193 lots.

In the international market, silver gained 2.20%, to trade at $18.93 an ounce in Singapore.

Market analysts said besides short-covering by speculators, a recovery trend in the precious metals in the global market after yesterday's steep fall, influenced silver prices at futures trade here.