Commodity market update, July 21: Silver, crude oil rise; gold futures surge

Here is how different commodity futures were trading on July 21.

Gold futures

Gold prices on Monday increased by ₹471 to ₹98,495 per 10 grams in futures trade, as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by ₹471, or 0.48%, at ₹98,495 per 10 grams in a business turnover of 10,848 lots.

Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures rose 0.54% to $3,368.09 per ounce in New York.

Silver futures

Silver prices surged ₹252 to ₹1,13,202 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery increased ₹252 or 0.22% to ₹1,13,202 per kg in a business turnover of 18,139 lots.

Fresh positions built up by participants led to a rise in silver prices, analysts said.

Globally, silver was trading 0.36% higher at $38.31 per ounce in New York.

Copper futures

Copper futures rose 0.49% to ₹901.90 per kilogram due to higher spot demand.

On the MCX, copper contracts for August delivery grew ₹4.40, or 0.49%, to ₹901.90 per kg in a business turnover of 4,704 lots.

Analysts attributed the rise in copper prices to higher bets by participants.

Aluminium futures

Aluminium prices soared by 50 paise to ₹253.85 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in August increased 50 paise or 0.2% to ₹253.85 per kg in 2,254 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Zinc futures

Zinc prices increased by ₹2.05 to ₹267.55 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for August delivery traded higher by ₹2.05 or 0.77% at ₹267.55 per kg with a business turnover of 2,149 lots.

Marketmen said the widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher in the futures trade.

Crude oil futures

Crude oil prices rose ₹3 to ₹5,801 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for August delivery traded higher by ₹3 or 0.05% at ₹5,801 per barrel in 10,925 lots.

Analysts said the rise in bets by participants kept crude oil prices higher in futures trading.

Globally, West Texas Intermediate crude was trading 0.19% higher at $67.47 per barrel while Brent crude rose 0.07% to $69.33 per barrel in New York.

Cottonseed oil cake

Cottonseed oil cake prices rose ₹9 to ₹3,163 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for August delivery traded higher by ₹9 or 0.28% at ₹3,163 per quintal with an open interest of 72,310 lots.

Marketmen said the widening of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Guar seed futures

Guar seed prices on Monday declined by ₹13 to ₹5,321 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for August delivery fell by ₹13 or 0.24% to ₹5,321 per quintal with an open interest of 49,645 lots.

Marketmen attributed the downward trend in guar seed prices to increasing supplies from growing regions.

Guar gum futures

Guar gum prices on Monday fell by ₹48 to ₹9,932 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the NCDEX, guar gum for August delivery declined by ₹48 or 0.48% to ₹9,932 per quintal in 47,630 lots.

Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Coriander futures

Coriander prices increased by ₹50 to ₹7,640 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for August delivery climbed ₹50 or 0.65% to ₹7,640 per quintal in 15,895 lots.

A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.