Commodities

Silver futures down on profit-booking, global cues

| Updated on: May 03, 2011
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Silver prices fell by 0.69 per cent to Rs 67,389 a kg in futures trade today as speculators engaged in booking profits amid overnight losses in the global market.

At the Multi Commodity Exchange, silver for delivery in May dropped by Rs 467 or 0.69 per cent to Rs 67,389 a kg, with a business turnover of one lot.

Likewise, for delivery in July, the white metal traded Rs 432 or 0.63 per cent lower at Rs 68,143 a kg, with an open interest of three lots.

Analysts said besides profit-booking by speculators at existing record level drop in its prices overseas in yesterday’s trade, led to the fall in futures prices here.

Meanwhile, silver lost 13 per cent, the biggest intra-day drop since October 2008, at $42.10 an ounce in yesterday’s trade in New York.

Published on May 03, 2011

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