Commodity market updates, August 21: Zinc, silver surge; gold futures fall

Here is how different commodity futures were trading on August 21.

Gold futures

Gold prices on Thursday declined by ₹254 to ₹99,050 per 10 grams in futures trade amid muted spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery depreciated by ₹254 or 0.26% to ₹99,050 per 10 grams in a business turnover of 13,868 lots.

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

In the international markets, gold futures rose 0.30% to $3,338.53 per ounce in New York.

Silver futures

Silver prices on Thursday increased by ₹130 to ₹1,12,683 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery appreciated by ₹130 or 0.12% to ₹1,12,683 per kg, in a business turnover of 16,501 lots.

Fresh positions built up by participants led to a rise in silver prices, analysts said. However, silver was trading 0.05% lower at $37.88 per ounce in New York.

Zinc futures

Zinc prices rose 45 paise to ₹267.10 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 ₹267.10 per kg with a business turnover of 1,477 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.

Copper futures

Copper futures fell 50 paise to ₹880 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for September delivery eased 50 paise or 0.06% to ₹880 per kilogram in a business turnover of 4,933 lots.

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

Aluminium futures

Aluminium prices rose 10 paise to ₹250.75 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 by 10 paise or 0.04% to ₹250.75 per kg in 1,483 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 prices rose ₹26 to ₹5,502 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 ₹26 or 0.47% at ₹5,502 per barrel in 14,675 lots.

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

Globally, West Texas Intermediate crude was trading 0.34% higher at $63.05 per barrel, while Brent crude rose 0.49% to $67.17 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices rose by ₹40 to ₹3,354 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 September delivery traded higher by ₹40 or 1.19% at ₹3,354 per quintal, with an open interest of 35,000 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 eased by ₹62 to ₹7,938 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 ₹62 or 0.78% to ₹7,938 per quintal in 14,485 lots.

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

Guar gum futures

Guar gum prices fell ₹97 to ₹9,912 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 ₹97 or 0.98% to ₹9,912 per quintal in 48,210 lots.

Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Guar seed futures

Guar seed prices declined by ₹35 to ₹5,295 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for September delivery declined by ₹35 or 0.66% to ₹5,295 per quintal, with an open interest of 56,460 lots.

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