Commodity Market Update, June 18: Copper, Silver rise; Gold futures decline marginally

Here is how different commodity futures were trading on June 18.

Gold futures

Gold prices on Wednesday declined ₹89 to ₹99,452 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by ₹89 or 0.09% at ₹99,452 per 10 grams in a business turnover of 14,943 lots.

Analysts attributed the fall in gold prices to weak global cues.

In the international markets, gold futures fell 0.07% to $3,386.17 per ounce in New York.

Silver futures

Silver prices on Wednesday increased by ₹685 to ₹1,09,680 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for July delivery rose ₹685 or 0.63% to ₹1,09,680 per kg in a business turnover of 17,297 lots.

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

Globally, silver was trading 0.43% higher at $37.26 per ounce in New York.

Copper futures

Copper futures rose 0.15% to ₹886.80 per kilogram on Wednesday due to higher spot demand.

On the MCX, copper contracts for July delivery grew by ₹1.35 or 0.15% to 886.80 per kg in a business turnover of 3,907 lots.

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

Aluminium futures

Aluminium prices on Wednesday rose 85 paise to ₹247.90 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the Multi Commodity Exchange, aluminium for delivery in July increased 85 paise, or 0.34%, to ₹247.90 per kg in 2,246 lots.

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

Zinc futures

Zinc prices on Wednesday rose ₹1.10 to ₹253.60 per kilogram in futures trade amid a pick-up in spot demand.

On the Multi Commodity Exchange, zinc contracts for July delivery traded higher by ₹1.10, or 0.44%, at ₹253.60 per kg with a business turnover of 1,790 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, on Wednesday, rose by ₹6 to ₹6,305 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for July delivery traded higher by ₹6 or 0.1% at ₹6,305 per barrel in 7,944 lots.

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

Globally, West Texas Intermediate crude was trading 0.04% lower at $74.81 per barrel while Brent crude fell 0.18% to $76.31 per barrel in New York.

Coriander futures

Coriander prices increased by ₹10 to ₹7,020 per quintal in futures trade on Wednesday as speculators increased their holdings, tracking a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for July delivery climbed ₹10 or 0.14% to ₹7,020 per quintal in 17,420 lots.

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

Guar gum futures

Guar gum prices on Wednesday rose ₹67 to ₹9,505 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for July delivery traded higher by Rs 67 or 0.70% at ₹9,505 per quintal with an open interest of 51,745 lots.

Analysts said after tracking a firm physical market trend, traders raised their bets, which led to the rise in guar gum prices.

Guar seed futures

Guar seed prices on Wednesday increased by ₹11 to ₹5,129 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the NCDEX, guar seed contracts for July delivery increased by ₹11 or 0.21% to ₹5,129 per quintal with an open interest of 52,520 lots.

According to marketmen, speculators raising bets, a firm trend in the spot market and thin supplies from growing belts mainly led to the rise in guar seed prices.