Silver futures up 0.2% on global cues; short-covering

Speculators built up fresh positions amid covering-up of short positions, influencing silver prices

Tracking a firming trend in precious metals overseas, silver futures prices today rose 0.20% to Rs 41,380 per kg as speculators built up fresh positions amid covering-up of short positions.

 

At the Multi Commodity Exchange, silver for delivery in December traded higher by Rs 83, or 0.20%, to Rs 41,380 per kg in business turnover of 15 lots.

 

On the similar lines, the white metal for delivery in September traded Rs 65, or 0.16%, higher at Rs 40,538 per kg in a turnover of 886 lots.

 

In the international market, silver climbed 0.60%, to trade at $19.52 an ounce in Singapore.

 

 

Market analysts said besides short-covering by speculators, a rising trend in the global market, as a weaker dollar raised demand for the precious metals as an alternative investment, influenced gold prices at futures trade here.