Silver futures up 0.9%on global cues, short covering
New Delhi-India (Nov 26) Silver prices rose by 0.98% to Rs 44,936 per kg in futures trade today largely in tune with a recovery trend in precious metals overseas amid covering up of pending short positions by speculators.
At the Multi Commodity Exchange, silver for delivery in December traded higher by Rs 436, or 0.98%, to Rs 44,936 per kg in business turnover of 987 lots.
Similarly, the white metal for delivery in far-month March last year contracts traded Rs 431, or 0.94%, higher at Rs 46,350 per kg in a turnover of 77 lots.
In the international market, silver rebounded to $20.11 an ounce in Singapore from yesterday's $19.59, the lowest since August 8.
Market analysts said besides short covering by speculators, a recovery in both the precious metals in the global market as the dollar weakened and lower prices spurred demand in China, the second-largest consumer, influenced silver prices in futures trade here.