Commodity market updates, August 29: Silver declines; crude oil, gold futures soar

Here is how different commodity futures were trading on August 29.

Gold futures

Gold prices on Friday surged ₹168 to ₹1,02,268 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.

On the Multi-Commodity Exchange (MCX), gold contracts for October delivery traded higher by ₹168 or 0.16% at ₹1,02,268 per 10 grams in a business turnover of 16,419 lots.

Globally, Comex gold futures for December delivery fell 0.20% to $3,410.09 per ounce in New York.

Silver futures

Silver prices declined by ₹144 to ₹1,17,030 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹144, or 0.12%, to ₹1,17,030 per kilogram in a business turnover of 4,879 lots.

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

Globally, silver was trading 0.57% lower at $38.82 per ounce in New York.

Aluminium futures

Aluminium prices rose ₹1.65 to ₹255.75 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 October increased ₹1.65 or 0.65% to ₹255.75 per kg in 135 lots.

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

Zinc futures

Zinc prices rose ₹2.15 to ₹269.35 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by ₹2.15 or 0.8% at ₹269.35 per kg with a business turnover of 2,988 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 rose 0.44% to ₹900 per kilogram on Friday due to higher spot demand.

On the MCX, copper contracts for October delivery grew ₹3.90 or 0.44% to ₹900 per kg in a business turnover of 749 lots.

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

Crude oil futures

Crude oil prices advanced ₹19 to ₹5,638 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for October delivery traded higher by ₹19 or 0.34% at ₹5,638 per barrel in 12,173 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.36% lower at $64.24 per barrel while Brent crude fell 0.67% to $68.16 per barrel in New York.

Guar seed futures

Guar seed prices declined by ₹17 to ₹5,223 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery fell ₹17 or 0.33% to ₹5,223 per quintal with an open interest of 57,165 lots.

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

Guar gum futures

Guar gum prices fell ₹57 to ₹9,672 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 ₹57 or 0.59% to ₹9,672 per quintal in 30,645 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 ₹164 to ₹8,050 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 ₹164 or 2.04% to ₹8,050 per quintal in 9,560 lots.

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

Cottonseed oil futures

Cottonseed oil cake prices fell ₹10 to ₹3,428 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for September delivery traded lower by ₹10 or 0.29% at ₹3,428 per quintal with an open interest of 30,760 lots.

Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.