MUMBAI: Weaker overseas trade in silver combined with falling domestic demand has pulled down the futures prices of the white metal. The futures prices have fallen by Rs 597 to Rs 53,795 per kg on Wednesday on the most active traded exchange MCX. The delivery in July slumped by 1.1 per cent to Rs 53,795 per kg with totaling a turnover of Rs 9,863 lots and pulled down the September contract by Rs 583 or 1.05 per cent to Rs 55,183 per kg in 493 lots. The futures trading in bullion on most exchanges fell over 35% in April month compared to last year same period. Even the spot demand was witnessing weak sentiments due to rupee depreciation and volatile commodity prices in the global market. The white metal trade is expected to grow post monsoon, which is likely to arrive during first week of June. "The monsoon will play up the entire game, we believe the trend is set quite well for silver. India may import over 5,000 metric tons for this year as strong demand is pouring in from investors," says Prithviraj Kothari, president of the Bombay Bullion Association. For 2011-12, silver jewellery exports recorded 44 % rise against gold jewellery's growth of 30%. The prices of silver have doubled in the last two years mainly due to global factors. India imported nearly 4,800 tons of silver on the expectation of rise in industrial and investment demand in this year.

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