Silver prices in the domestic futures market registered a marginal increase on Tuesday, driven by fresh position build-up by market participants. Meanwhile, overseas silver futures experienced a slight decline.
Silver prices saw a marginal uptick of 0.19 per cent in the futures trade on Tuesday, supported by fresh position build-up by participants in the domestic market.
On the Multi Commodity Exchange (MCX), the contract for December delivery of the white metal increased by ₹456. This brought the trading price to ₹2,40,577 per kilogram, recorded across a business turnover of 2,655 lots.
According to market analysts, the upward movement in domestic silver futures was primarily a result of new positions being established by market participants during the session.
In contrast to the domestic trend, the precious metal witnessed a slight downward movement in international markets. Overseas silver futures decreased by 0.17 per cent, trading at $66.46 per ounce.
"Movements in commodity futures like silver often reflect shifting domestic participation and short-term positioning strategies. While domestic MCX contracts saw a marginal rise due to fresh position build-up, the contrasting trend in overseas markets highlights the influence of global pricing factors. For businesses and investors with exposure to precious metals, tracking these short-term fluctuations on exchanges is essential for effective risk management." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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