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This is an archive article published on September 12, 2011

Silver futures down on reduced offtake,global cues

Silver for delivery in March contract lost Rs 484,to Rs 66,065 per kg in 406 lots.

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Tracking a weak trend in Asian region,silver prices declined by Rs 536 to Rs 64,623 per kg in futures trading today on reduced offtake by traders at existing higher levels.

At the Multi Commodity Exchange,silver for delivery in December month declined by Rs 536,or 0.82 per cent,to Rs 64,623 per kg in business turnover of 17,204 lots.

Similarly,the silver for delivery in March contract lost Rs 484,or 0.73 per cent,to Rs 66,065 per kg in 406 lots.

Market analysts said weakening trend in Asian region and reduced offtake by traders in the spot at existing higher levels mainly pulled down silver futures price. Meanwhile,silver rates slid 1.1 per cent to 41.02 dollar an ounce in Asian region.

 

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