Silver futures rise on short-covering, spot demand
Silver prices went up by Rs 342 to Rs 40,806 per kg in futures trade today after participants built-up speculative positions, largely on covering-up of short positions by speculators. However, a weak trend in the white metal overseas, capped the gains.
At the Multi Commodity Exchange, silver for delivery in far-month September shot up by Rs 342, or 0.85%, to Rs 40,806 per kg in a business turnover of 12 lots. Similarly, the white metal for deli1very in July rose by Rs 319, or 0.80%, to Rs 40,270 per kg in 961 lots.
Market analysts attributed the rise in silver prices at futures trade to covering-up of short positions by speculators but metal’s weakness in global market, limited the gains. Meanwhile, silver lost 0.10% to $17.48 an ounce in Singapore.