Commodity market updates, August 22: Crude oil advances; silver, gold futures slump

Here is how commodity futures were trading on August 22.

Gold futures

Gold prices on Friday declined by ₹213 to ₹99,222 per 10 grams in futures trade amid muted spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery depreciated by ₹213 or 0.21% to ₹99,222 per 10 grams, in a business turnover of 13,588 lots.

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

In the international markets, gold futures fell 0.35% to $3,327.17 per ounce in New York.

Silver futures

Silver prices fell ₹183 to ₹1,13,523 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased by ₹183, or 0.16%, to ₹1,13,523 per kilogram, in a business turnover of 14,778 lots.

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

Globally, silver was trading 0.36% lower at $38.01 per ounce in New York.

Copper futures

Copper futures slipped 90 paise to ₹883 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for September delivery eased 90 paise or 0.1% to ₹883 per kilogram in a business turnover of 5,360 lots.

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

Aluminium futures

Aluminium prices advanced 30 paise to ₹251.80 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 30 paise or 0.12% to ₹251.80 per kg in 1,909 lots.

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

Zinc futures

Zinc prices were flat at ₹266.65 per kilogram in futures trade as traders kept to the sidelines.

On the MCX, zinc contracts for September delivery traded unchanged at ₹266.65 per kg, in a business turnover of 1,689 lots.

Marketmen said subdued demand from consuming industries kept zinc prices steady in the futures trade.

Crude oil futures

Crude oil prices rose ₹16 to ₹5,579 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 ₹16 or 0.29% at ₹5,579 per barrel in 13,135 lots.

Analysts said participants raising bets kept crude oil prices higher in futures trading.

Globally, West Texas Intermediate crude was trading 0.29% higher at $63.65 per barrel, while Brent crude rose 0.16% to $67.78 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices surged ₹3 to ₹3,467 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 ₹3 or 0.09% at ₹3,467 per quintal, with an open interest of 34,470 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 ₹54 to ₹7,954 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 ₹54 or 0.64% to ₹7,954 per quintal in 14,050 lots.

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

Guar gum futures

Guar gum prices rose by ₹18 to ₹9,792 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 ₹18 or 0.18% at ₹9,792 per quintal, with an open interest of 46,485 lots.

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

Guar seed futures

Guar seed prices on Friday increased by ₹13 to ₹5,251 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the NCDEX, guar seed contracts for September delivery rose ₹13 or 0.25% to ₹5,251 per quintal, with an open interest of 56,565 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.