Commodity market updates, August 1: Crude oil, copper gain; gold futures fall

Here is how different commodity futures were trading on August 1.

Gold futures

Gold prices on Friday declined by ₹237 to ₹98,532 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for October delivery depreciated by ₹237 or 0.24% to ₹98,532 per 10 grams in a business turnover of 12,512 lots.

Analysts attributed the fall in yellow metal prices to weak global cues.

In the international markets, gold futures rose 0.17% to $3,295.60 per ounce in New York.

Silver futures

Silver prices declined by ₹161 to ₹1,09,811 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹161, or 0.15%, to Rs 1,09,811 per kilogram in a business turnover of 20,541 lots.

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

Globally, silver was trading 0.23% lower at $36.63 per ounce in New York.

Copper futures

Copper futures rose 0.24% to ₹878.25 per kilogram on Friday due to higher spot demand.

On the MCX, copper contracts for August delivery increased by ₹2.10 or 0.24% to ₹878.25 per kg, with a business turnover of 6,909 lots.

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

Copper prices on Thursday dropped ₹36 to hit an all-time low of ₹861.70 per kilogram in futures trade after the US administration announced that it plans to impose a 50% tariff on copper imports.

Zinc futures

Zinc prices fell 0.6% to ₹263.95 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for August delivery traded lower by ₹1.60 or 0.6% at ₹263.95 per kg in 3,396 lots.

Analysts said that the trimming of positions by participants, due to slackened demand from consuming industries in the physical market, mainly weighed on zinc prices.

Aluminium futures

Aluminium prices rose 15 paise to ₹250.60 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 15 paise or 0.06% to ₹250.60 per kg in 4,461 lots.

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

Crude oil futures

Crude oil futures fell marginally to ₹6,049 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for August delivery declined by ₹3 or 0.05% to ₹6,049 per barrel in 9,579 lots.

Analysts said the prices were affected following participants' offloading their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil was trading 0.03% higher at $69.28 per barrel, while Brent Crude rose 0.10% to $71.77 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices rose ₹15 to ₹3,237 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 ₹15 or 0.46% at ₹3,237 per quintal, with an open interest of 64,340 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 by ₹22 to ₹7,748 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 ₹22 or 0.28% to ₹7,748 per quintal in 9,760 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 rose ₹63 to ₹9,847 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for August delivery traded higher by ₹63 or 0.64% at ₹9,847 per quintal with an open interest of 25,350 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 Friday increased by ₹20 to ₹5,289 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 August delivery rose ₹20 or 0.38% to ₹5,289 per quintal, with an open interest of 34,405 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.