Silver futures plunge Rs 517/kg on weak global cues

Taking cues from overseas markets, silver prices tumbled by Rs 517 to Rs 41,480 per kg in futures trading today as participants cut down their bets.
Also, profit-booking at existing levels by speculators weighed on silver prices.
At the Multi Commodity Exchange, silver for delivery in March dropped by Rs 517, or 1.23 per cent, to Rs 41,480 per kg in a business turnover of 1,398 lots.
Similarly, the white metal for delivery in far-month May traded lower by Rs 495, or 1.16 per cent, to Rs 42,051 per kg in 19 lots.
Traders said offloading of positions by participants due to a weak global trend mainly led to the fall in silver prices at futures trade.

Globally, silver shed 0.26 per cent to USD 16.982 an ounce in Singapore.