Commodity market updates, August 28: Silver, crude oil advance; gold futures decline

Here is how different commodity futures were trading on August 28.

Gold futures

Gold prices on Thursday declined by ₹163 to ₹1,01,379 per 10 grams in futures trade amid muted spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery depreciated by ₹163 or 0.16% to ₹1,01,379 per 10 grams in a business turnover of 14,304 lots.

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

In the international markets, gold futures fell 0.25 per cent to USD 3,388.88 per ounce in New York.

Silver futures

Silver prices increased by ₹323 to ₹1,16,420 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery appreciated by ₹323 or 0.28% to ₹1,16,420 per kg in a business turnover of 8,713 lots.

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

However, silver was trading 0.45% higher at $38.77 per ounce in New York.

Zinc futures

Zinc prices rose 40 paise to ₹266.10 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by 40 paise or 0.15% at ₹266.10 per kg with a business turnover of 3,090 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 surged marginally to ₹884.95 per kilogram due to higher spot demand.

On the MCX, copper contracts for September delivery marginally grew by 5 paise or 0.01% to ₹884.95 per kg, in a business turnover of 6,626 lots.

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

Aluminium futures

Aluminium prices increased by 35 paise to ₹253.15 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 35 paise or 0.14% to ₹253.15 per kg in 3,998 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 futures fell ₹37 to ₹5,581 per barrel, as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for September delivery declined ₹37, or 0.66%, to ₹5,581 per barrel in 11,826 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 0.81% lower at $63.63 per barrel, while Brent Crude fell 0.76% to $67.53 per barrel in New York.

Guar seed futures

Guar seed prices declined by ₹43 to ₹5,258 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery fell by ₹43 or 0.82% to ₹5,258 per quintal with an open interest of 57,280 lots.

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

Guar gum futures

Guar gum prices fell ₹113 to ₹9,887 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 ₹113 or 1.14% to ₹9,887 per quintal in 19,800 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 ₹70 to ₹8,114 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 ₹70 or 0.86% to ₹8,114 per quintal in 10,240 lots.

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