Silver futures recover 1.98% on global cues
MUMBAI-INDIA (July 11) Tracking a recovery in precious metals in global markets, silver futures prices today rose sharply by 1.98% to Rs 40,970 per kg as speculators built up fresh positions amid covering-up of short positions. At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 796, or 1.98%, to Rs 40,970 per kg in business turnover of 1,505 lots.
On the similar lines, the white metal for delivery in far-month December contracts traded Rs 726, or 1.77%, higher at Rs 41,634 per kg in a turnover of 25 lots.
In the international market, silver climbed 3.01%, to trade at USD 19.99 an ounce in Singapore, the highest since July 1. Market analysts said a recovery trend in the precious metals in the global market, after US Federal Reserve Chairman Ben Bernanke said its stimulus drive would be kept in place for some time, influenced silver prices at futures trade here.