Commodity market updates, August 25: Crude oil, copper surge; gold futures decline

Here is how different commodity futures were trading on August 25.

Gold futures

Gold prices on Monday declined by ₹34 to ₹1,00,350 per 10 grams in futures trade amid muted spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery depreciated ₹34 or 0.03% to ₹1,00,350 per 10 grams in a business turnover of 12,721 lots.

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

In the international markets, gold futures fell 0.20% to $3,365 per ounce in New York.

Silver futures

Silver prices fell by ₹28 to Rs 1,16,208 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹28, or 0.02%, to ₹1,16,208 per kilogram in a business turnover of 12,841 lots.

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

Globally, silver was trading 0.07% lower at $38.86 per ounce in New York.

Aluminium futures

Aluminium prices declined 10 paise to ₹253 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 ₹253 per kg in 2,610 lots.

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

Copper futures

Copper futures rose 0.48% to ₹892.35 per kilogram due to higher spot demand.

On the MCX, copper contracts for September delivery grew by ₹4.25 or 0.48% to ₹892.35 per kg, in a business turnover of 6,063 lots.

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

Zinc futures

Zinc prices fell 0.17% to ₹268.70 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 45 paise or 0.17% at ₹268.70 per kg in 2,106 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 surged ₹21 to ₹5,593 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 ₹21 or 0.38% at ₹5,593 per barrel in 12,667 lots.

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

Globally, West Texas Intermediate crude was trading 0.18% higher at $63.84 per barrel, while Brent crude rose 0.25% to $67.90 per barrel in New York.

Guar Seed futures

Guar seed prices declined by ₹19 to ₹5,261 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery fell ₹19 or 0.36% to ₹5,261 per quintal with an open interest of 58,100 lots.

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

Guar gum futures

Guar gum prices slipped ₹82 to ₹9,790 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 ₹82 or 0.84% to ₹9,790 per quintal in 43,330 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 ₹52 to ₹8,042 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 ₹52 or 0.65% to ₹8,042 per quintal in 12,455 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices rose ₹8 to ₹3,466 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 ₹8 or 0.23% at ₹3,466 per quintal, with an open interest of 35,180 lots.

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