Silver futures fall on weak global trend

Silver prices dropped by Rs 618 to Rs 40,561 per kg in futures trade today as speculators reduced their holdings on the back of a weak global trend.

At the Multi Commodity Exchange, silver for July-month contract dropped by Rs 618, or 1.50 per cent, to Rs 40,561 per kg in a single lot.

Similarly, the metal for delivery in December-month contract fell by Rs 419, or 1.03 per cent, to Rs 40,170 per kg with a business turnover of 3 lots.

Marketmen said positions reduced by speculators amid a weak global trend mainly led to the fall in silver prices in the futures trade.  

Meanwhile, silver traded lower by 2.82 per cent to $26.90 an ounce in the Asian region.