Commodity market updates, August 11: Silver, crude oil fall; gold futures soar

Here is how different commodity futures were trading on August 11.

Gold futures

Gold prices on Monday rose ₹1,098 to ₹1,00,700 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 October delivery traded higher by ₹1,098 or 1.08% at ₹1,00,700 per 10 grams in a business turnover of 15,443 lots.

Globally, Comex gold futures for December delivery fell 0.94% to $3,365.94 per ounce in New York.

Silver futures

Silver prices declined by ₹749 to ₹1,14,132 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹749, or 0.65%, to ₹1,14,132 per kilogram in a business turnover of 15,328 lots.

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

Globally, silver was trading 0.7% lower at $38.07 per ounce in New York.

Aluminium futures

Aluminium prices rose 55 paise to ₹255.60 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in September increased 55 paise or 0.22% to ₹255.60 per kg in 508 lots.

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

Copper futures

Copper futures fell ₹1.35 to ₹892.30 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for September delivery eased by ₹1.35 or 0.15% to ₹892.30 per kilogram in a business turnover of 1,545 lots.

Analysts attributed the decline in copper prices to lower bets by participants.

Zinc futures

Zinc prices rose 45 paise to ₹271.70 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by 45 paise or 0.17% at ₹271.70 per kg with a business turnover of 597 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 futures fell ₹56 to ₹5,493 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for September delivery declined by ₹56 or 1.01% to ₹5,493 per barrel in 3,929 lots.

Analysts said the prices were affected after participants offloaded their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil for the September contract was trading 1.03% lower at $63.22 per barrel, while Brent Crude for the October contract fell 0.87% to $66.01 per barrel in New York.

Guar seed futures

Guar seed prices declined by ₹32 to ₹5,287 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery fell ₹32 or 0.61% to ₹5,287 per quintal with an open interest of 47,420 lots.

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

Guar gum futures

Guar gum prices fell ₹68 to ₹9,863 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 September delivery declined by ₹68 or 0.69% to ₹9,863 per quintal in 46,335 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 eased by ₹8 to ₹7,852 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for September delivery declined ₹8 or 0.10% to ₹7,852 per quintal in 9,835 lots.

Market analysts said subdued demand in the spot market led to the decline in coriander prices.

Cottonseed oil futures

Cottonseed oil cake prices on Monday slipped ₹29 to ₹3,346 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for September delivery traded lower by ₹29 or 0.87% at ₹3,346 per quintal, with an open interest of 21,640 lots.

Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.