Silver futures up 0.75% on global cues

Silver prices rose by 0.75% to Rs 46,119 per kg in futures trade today largely in tune with a firming trend in precious metals overseas amid covering-up of short positions by speculators.

At the Multi Commodity Exchange, the July contract traded higher by Rs 342, or 0.75%, to Rs 46,119 per kg in business turnover of 636 lots.

The May contract traded Rs 290, or 0.69%, higher at Rs 45,353 per kg in a turnover of 1,596 lots.

In the international market, silver gained 0.90%, to trade at $24.21 an ounce in Singapore.

Market analysts said besides short-covering by speculators, a rising trend in the precious metals in the global market on strong continuing demand, influenced silver prices at futures trade here.