Silver futures plunge 4.30 per cent on weak overseas cues

Silver prices slumped by 4.30 per cent to Rs 33,967 per kg in futures trading today as speculators offloaded positions amid a weak global trend.
At the Multi Commodity Exchange, silver for delivery in December plunged by Rs 1,528, or 4.30 per cent to Rs 33,967 per kg on a business turnover of 28,584 lots.
In a similar fashion, the white metal for delivery in far-month March nosedived by Rs 1,518, or 4.19 per cent to Rs 34,682 per kg in 1,842 lots.
Market analysts said speculators trimmed positions in line with a weak global trend where the metal's price fell to the lowest level since April 2010 as a stronger dollar cut demand.

Globally, silver dropped 3.9 per cent to USD 15.40 an ounce in London, extending declines into a sixth day in the longest run of losses since April 2013.
Meanwhile, silver ready prices dropped by Rs 900 to Rs 35,050 per kg at spot market in the national capital.