Silver Futures Drop to ₹2.49 Lakh/kg as Participants Cut Bets

Silver futures on the Multi Commodity Exchange fell Wednesday, with the July contract losing ₹959 to settle at ₹2,49,146 per kg. Traders reduced bets, analysts said, sending the contract down 0.38% on turnover of 673 lots.

The decline mirrored a slight dip in global silver prices, which traded at $69.99 per ounce in New York, down 0.04%. The MCX drop was sharper in percentage terms, a divergence traders attributed to local position-squaring ahead of US economic data.

Silver remains sensitive to dollar movement and interest rate expectations. The precious metal has traded in a range near $70 in recent weeks, with industrial demand concerns and gold's pullback capping upside. For broader precious metals context, see our gold profile.

The sell-off on Wednesday broke below the recent support level of ₹2,50,000 per kg on MCX, a threshold traders had been watching. A sustained close below that level could open a move toward ₹2,45,000, several market participants said. On the upside, a recovery above ₹2,52,000 would be needed to stabilize the trend.

On Thursday, traders will watch weekly US jobless claims for further cues on the labor market and the dollar's path.