Commodity market updates, August 12: Crude oil, silver prices increase; gold futures decline

Here is how different commodity futures were trading on August 12.

Gold futures

Gold prices on Tuesday declined by ₹67 to ₹1,00,255 per 10 grams in futures trade amid muted spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery depreciated ₹67 or 0.07% to ₹1,00,255 per 10 grams in a business turnover of 13,515 lots.

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

In the international markets, gold futures rose 0.33% to $3,353.54 per ounce in New York.

Silver futures

Silver prices climbed ₹423 to ₹1,13,719 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery appreciated ₹423 or 0.37% to ₹1,13,719 per kg in a business turnover of 15,593 lots.

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

However, silver was trading 0.83% higher at $37.92 per ounce in New York.

Aluminium futures

Aluminium prices rose 95 paise to ₹254.40 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 September increased by 95 paise or 0.37% to ₹254.40 per kg in 522 lots.

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

Copper futures

Copper futures surged 0.24% to ₹891.75 per kilogram on Tuesday due to higher spot demand.

On the MCX, copper contracts for September delivery grew by ₹2.15 or 0.24% to ₹891.75 per kg, in a business turnover of 1,577 lots.

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

Zinc futures

Zinc prices increased by ₹1.25 to ₹270.95 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by ₹1.25 or 0.46% at ₹270.95 per kg, with a business turnover of 249 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 ₹23 to ₹5,575 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for September delivery traded higher by ₹23 or 0.41% at ₹5,575 per barrel in 5,145 lots.

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

Globally, West Texas Intermediate crude was trading 0.38% higher at $64.20 per barrel, while Brent crude rose 0.39% to $66.89 per barrel in New York.

Guar seed futures

Guar seed prices increased by ₹2 to ₹5,258 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery rose ₹2 or 0.04% to ₹5,258 per quintal, with an open interest of 48,280 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.

Guar gum futures

Guar gum prices rose ₹24 to ₹9,819 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for September delivery traded higher by ₹24 or 0.24% at ₹9,819 per quintal, with an open interest of 48,550 lots.

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

Coriander futures

Coriander prices eased by ₹26 to ₹7,836 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 by ₹26 or 0.33% to ₹7,836 per quintal in 10,060 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices grew by ₹14 to ₹3,331 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the NCDEX, cottonseed oil cake for September delivery traded higher by ₹14 or 0.42% at ₹3,331 per quintal, with an open interest of 22,680 lots.

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