Commodity market updates, August 13: Crude oil declines; silver, gold futures rise

Here is how different commodity futures were trading on August 13.

Gold futures

Gold prices on Wednesday increased by ₹243 to ₹1,00,400 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 ₹243 or 0.24% at ₹1,00,400 per 10 grams in a business turnover of 12,790 lots.

Globally, Comex gold futures for December delivery rose 0.24% to $3,356 per ounce in New York.

Silver futures

Silver prices jumped ₹1,162 to ₹1,14,899 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery increased by ₹1,162 or 1.02% to ₹1,14,899 per kg in a business turnover of 15,570 lots.

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

Globally, the silver for the September contract was trading 1.24% higher at $38.38 per ounce in New York.

Aluminium futures

Aluminium prices rose 15 paise to ₹256 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 15 paise or 0.22% to ₹256 per kg in 658 lots.

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

Copper futures

Copper futures soared 0.24% to ₹899.30 per kilogram on Wednesday due to higher spot demand.

On the MCX, copper contracts for September delivery grew by ₹2.15 or 0.24% to ₹899.30 per kg, in a business turnover of 2,184 lots.

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

Zinc futures

Zinc prices surged 5 paise to ₹272.40 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by 5 paise or 0.06% at ₹272.40 per kg with a business turnover of 801 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 ₹23 to ₹5,483 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for September delivery declined by ₹23 or 0.42% to ₹5,483 per barrel in 7,846 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 was trading 0.38% lower at $62.93 per barrel, while Brent Crude fell 0.30% to $65.92 per barrel in New York.

Guar seed futures

Guar seed prices declined by ₹26 to ₹5,265 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery fell ₹26 or 0.49% to ₹5,265 per quintal with an open interest of 50,710 lots.

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

Guar gum futures

Guar gum prices decreased by ₹66 to ₹9,852 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 ₹66 or 0.67% to ₹9,852 per quintal in 51,765 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 ₹20 to ₹7,910 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 ₹20 or 0.25% to ₹7,910 per quintal in 11,915 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices rose ₹19 to ₹3,356 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 ₹19 or 0.57% at ₹3,356 per quintal with an open interest of 22,610 lots.

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