Silver futures recover by 1.60 per cent on firm global cues

NEW DELHI-INDIA (oct 17)   Erasing initial losses, silver prices recovered by 1.60 per cent to Rs 49,434 per kg in futures trading today as speculators creating fresh positions, driven by a firm global trend.

At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 780, or 1.60 per cent, to Rs 49,434 per kg in business turnover of 14,519 lots. Similarly, the white metal for delivery in December traded higher by Rs 653, or 1.38 per cent, to Rs 48,025 per kg in 166 lots.

Market analysts said speculators creating fresh positions in line with a firm global trend mainly pushed up silver prices at futures trade. Meanwhile,silver advanced 3.6 per cent to $22.17 an ounce in London.