Silver prices recover in futures trade on short-covering

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SummaryIn the int'l market, silver lost one per cent to trade at USD 21.30 an ounce in Singapore.

Silver prices recovered by 0.37 per cent to Rs 49,849 per kg in futures trade today, largely supported by covering-up of short positions by speculators even as the metal weakened in overseas markets.

At the Multi Commodity Exchange, silver for delivery in March next year contracts gained Rs 186, or 0.37 per cent, to Rs 49,849 per kg in a business turnover of 84 lots.

Similarly, the white metal for delivery in December gained Rs 154, or 0.32 per cent, to Rs 48,298 per kg, in a business volume of 1,153 lots.

In the international market, silver lost one per cent to trade at USD 21.30 an ounce in Singapore.

Market analysts attributed recovery in silver prices at futures trade to covering up of short positions by speculators but weakness in precious metals overseas after strong US jobs data boosted speculation the Federal Reserve will begin scaling back stimulus, restricted the gains.

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