Silver futures recover by 2.6% on global cues

Silver for delivery in far-month December traded higher at 2.27%

Amid deprecating rupee and a firming trend in base metals overseas, silver futures prices today recovered notably by 2.69% to Rs 56,431 per kg as speculators built up fresh positions.

At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 1,477, or 2.69%, to Rs 56,431 per kg in business turnover of 192 lots.

On the similar lines, the white metal for delivery in far-month December traded Rs 1,294, or 2.27%, higher at Rs 58,367 per kg in a turnover of 11,692 lots.

In the international market, silver up by 0.30%, to trade at $24.22 an ounce in London.

Market analysts said besides firming trend in the global market, a weak rupee which again dipped below 68 mark against the dollar, making dollar-quoted precious metals expensive, mainly influenced silver prices at futures trade here.