Commodity market updates, August 20: Silver, crude oil rise; gold futures decline

Here is how different commodity futures were trading on August 20.

Gold futures

Gold prices on Wednesday declined by ₹103 to ₹98,593 per 10 grams in futures trade amid muted spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery depreciated ₹103 or 0.1% to ₹98,593 per 10 grams in a business turnover of 14,029 lots.

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

In the international markets, gold futures rose 0.15% to $3,320.91 per ounce in New York.

Silver futures

Silver prices jumped ₹667 to ₹1,10,678 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery increased by ₹667 or 0.6% to ₹1,10,678 per kg in a business turnover of 17,089 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 0.59% higher at $37.17 per ounce in New York.

Aluminium futures

Aluminium prices declined 10 paise to ₹250.20 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in September fell 10 paise or 0.04% to ₹250.20 per kg in 1,293 lots.

Analysts said the cutting down of positions by participants on easing demand from consuming industries, mainly kept aluminium prices lower.

Copper futures

Copper futures on Wednesday fell ₹1.44 to ₹879.55 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for September delivery eased by ₹1.44 or 0.18% to ₹879.55 per kilogram in a business turnover of 4,501 lots.

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

Zinc futures

Zinc prices declined by 0.04% to ₹265.60 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for September delivery traded lower by 10 paise or 0.04% at ₹265.60 per kg in 1,250 lots.

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

Crude oil futures

Crude oil prices rose ₹23 to ₹5,423 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 0.43% at ₹5,423 per barrel in 15,375 lots.

Analysts said that the participants' raising bets kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.37% higher at $62.58 per barrel, while Brent crude rose 0.41% to $66.06 per barrel in New York.