May 1, 2011 / 11:13 PM / 9 years ago

Silver falls 10 pct in thin Asian trade

SYDNEY, May 2 (Reuters) - Silver fell sharply early in thin Asian trading on Monday, retreating further from a record high set last week.

It fell about 10 percent to $43.36 , well off a peak of $49.51 set last Thursday. Trading is expected to be very thin with many markets in Asia shut for public holidays.

The move came after data last Friday showed speculators had scaled back their bullish bets in COMEX silver futures and options to the lowest level since early February. [ID:nN29175149] It also followed news last week the CME had raised margins on Comex 5000 silver <0#SI:>.

Reporting by Ian Chua

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