Commodity Market Update, June 16: Zinc, copper futures rise marginally; gold futures fall

Here is how different commodity futures were trading on June 16.

Silver futures

Silver prices on Monday declined by ₹39 to ₹1,06,454 per kilogram as participants reduced their bets.

On the Multi Commodity Exchange (MCX), silver contracts for July delivery decreased by ₹39 or 0.04% to ₹1,06,454 per kilogram in a business turnover of 17,299 lots.

Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices.

Globally, silver futures were trading 0.12% lower at $36.25 per ounce in New York.

At around 1:48 pm, silver prices recovered to about ₹1.07 lakh (or ₹1,06,921), trading up by ₹428 or 0.40%.

Gold futures

Gold prices on Monday declined by ₹532 to ₹99,744 per 10 grams in futures trade amid muted spot demand.

Analysts attributed the fall in gold prices to weak global cues and profit booking at a higher level.

On the MCX, gold contracts for August delivery traded lower by ₹532 or 0.53% to trade at ₹99,744 per 10 grams, with a business turnover of 16,754 lots.

Meanwhile, the precious metal climbed ₹802 to hit a lifetime high of ₹1.01 lakh (or ₹1,01,078) per 10 grams in the morning session on the bourse.

On the global front, gold futures were trading at $3,437 per ounce, down by $15.80 per ounce in New York.

Zinc futures

Zinc prices on Monday rose marginally to Rs 250.55 per kilogram in the futures trade amid a pick-up in spot demand.

On the Multi Commodity Exchange (MCX), zinc contracts for July delivery surged by 35 paise or 0.14% to ₹250.55 per kg, with a business turnover of 1,787 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.

Aluminium futures

Aluminium prices on Monday declined by 95 paise to ₹242.35 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in July fell 95 paise or 0.39% to ₹242.35 per kg in 1,538 lots.

Analysts said the cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Copper futures

Copper futures rose 0.06% to ₹881.10 per kilogram on Monday due to higher spot demand.

On the MCX, copper contracts for July delivery increased by 55 paise or 0.06% to ₹881.10 per kg in a business turnover of 2,904 lots.

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

Crude oil futures

Crude oil prices on Monday rose ₹46 to ₹6,207 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for July delivery traded higher by ₹46 or 0.75% at ₹6,207 per barrel in 5,940 lots.

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

Globally, West Texas Intermediate crude was trading 0.99% higher at $73.70 per barrel while Brent crude rose 0.77% to $73.70 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices on Monday rose ₹25 to ₹3,169 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for July delivery traded higher by ₹25 or 0.79% at ₹3,169 per quintal with an open interest of 78,040 lots.

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

Coriander futures

Coriander prices increased ₹4 to ₹7,034 per quintal in futures trade on Monday as speculators increased their holdings, tracking a firm trend in the spot market.

On the National Commodity and Derivatives Exchange, coriander contracts for July delivery climbed ₹4 or 0.06% to ₹7,034 per quintal in 16,460 lots.

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

Guar seed futures

Guar seed prices on Monday declined ₹39 to ₹5,123 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange, guar seed contracts for July delivery fell by ₹39 or 0.76% to ₹5,123 per quintal with an open interest of 51,345 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 ₹100 to ₹9,474 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the National Commodity and Derivatives Exchange, guar gum for July delivery declined by ₹100 or 1.06% to ₹9,474 per quintal in 49,690 lots.

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