Analysts attributed the price decline to participants trimming their positions
Silver futures fell Rs 502 to Rs 71,427 per kg on Wednesday, as traders hedged against low demand. As speculators reduced their positions due to low demand, gold prices dropped Rs 81 to Rs 47,552 per 10 gram. In New York, gold fell 0.25 percent to $1,831.50 per ounce, while silver fell 0.69 percent to $27.48 per ounce.
Zinc prices traded higher by 0.32 per cent to Rs 237.10 per kg in the futures trade on a firm spot demand. Nickel prices increased 0.37 per cent to Rs 1,333.50 per kg in the futures trade as speculators built fresh positions on rising demand from alloy makers in the spot market. Copper prices traded up by 2.75 per cent at Rs 800.25 per kg in the futures market on the back of a pick-up in the spot demand. Aluminium prices slipped by 5 paise to Rs 200.95 per kg in the futures market as participants trimmed their positions on a low trend in the spot market.
On the Multi Commodity Exchange, silver contracts for the July delivery tumbled by Rs 502, or 0.7 per cent, to Rs 71,427 per kg in a business turnover of 10,165 lots, gold contracts for the June delivery traded lower by Rs 81, or 0.17 per cent, to Rs 47,552 per 10 gram in a business turnover of 7862 lots, zinc contracts for the May delivery rose by 75 paise, or 0.32 per cent, to Rs 237.10 per kg in 2,324 lots, nickel contracts for the May delivery gained Rs 4.90, or 0.37 per cent, to Rs 1,333.50 per kg in a business turnover of 1,631 lots, copper contracts for delivery in May traded higher by Rs 2.75, or 0.34 per cent, at Rs 800.25 per kg in a business turnover of 4,705 lots, aluminium for delivery in May declined by 5 paise, or 0.02 per cent, to Rs 200.95 per kg in 1,725 lots.