Silver futures reclaim Rs 40,000 per kg on global cues

Silver prices spurted by Rs 517 to trade above the Rs 40,000 per kg after a gap of four months in futures trade today as traders created speculative positions, largely driven by a firming trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month May moved up by Rs 517, or 1.29%, to Rs 40,650 per kg in business turnover of 91 lots.

On the similar lines, the white metal for delivery in March contracts rose by Rs 490, or 1.24%, to Rs 40,012 per kg in 3,148 lots.

Market analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas before a meeting of European Central Bank policy makers.
 

Globally, silver rose as much as 0.6% to $18.11 an ounce in Singapore today, the highest since September.