Silver futures drop Rs 75 per kg on weak global cues

Silver prices fell Rs 75 to Rs 39,7213 per kg in futures trade today as speculators cut their holdings amid a weakening trend overseas.
Silver for delivery in September was trading lower by Rs 75 or 0.19 per cent at Rs 39,723 per kg in a business turnover of 280 lots in futures trading at Multi Commodity Exchange (MCX).
On similar lines, the white metal for delivery in far- month December retreated by Rs 57, or 0.14 per cent down at Rs 40,643 per kg with a business turnover of 980 lots.
In the international market, silver traded 0.31 per cent lower at USD 17.48 an ounce in Singapore today.

Market analysts said apart from a weak trend in precious metals in global market, profit-booking by speculators at current levels, led to drop in silver prices at futures trade here.