Commodity market updates, August 4: Crude oil falls; silver, gold futures rise

Here is how different commodity futures were trading on August 4.

Gold futures

Gold prices on Monday jumped ₹501 to ₹1,00,255 per 10 grams in futures trading as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by ₹501 or 0.5% at ₹1,00,255 per 10 grams in a business turnover of 13,050 lots.

Globally, Comex gold futures for December delivery fell 0.20% to $3,356.86 per ounce in New York.

Silver futures

Silver prices surged ₹885 to ₹1,11,143 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery increased by ₹885 or 0.8% to ₹1,11,143 per kg, with a business turnover of 20,675 lots.

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

Globally, the silver for the September contract was trading 0.12% higher at $37.08 per ounce in New York.

Aluminium futures

Aluminium prices rose ₹1.10 to ₹251.50 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 ₹1.10 or 0.44% to ₹251.50 per kg in 223 lots.

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

Copper futures

Copper futures increased 0.16% to ₹885.65 per kilogram on Monday due to higher spot demand.

On the MCX, copper contracts for September delivery grew ₹1.45 or 0.16% to ₹885.65 per kg, in a business turnover of 1,206 lots.

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

Zinc futures

Zinc prices rose 50 paise to ₹263.30 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by 50 paise or 0.19% at ₹263.30 per kg with a business turnover of 225 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.

Crude oil futures

Crude oil futures marginally fell to ₹5,800 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for September delivery declined ₹1 or 0.02% to ₹5,800 per barrel in 1,690 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 for the September contract was trading almost flat at $67.20 per barrel, while Brent Crude for the October contract fell 0.24% to $69.50 per barrel in New York.

Cottonseed oil futures

Cottonseed oil cake prices slipped ₹3 to ₹3,355 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for September delivery traded lower by ₹3 or 0.09% at ₹3,355 per quintal, with an open interest of 16,240 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.

Coriander futures

Coriander prices eased by ₹32 to ₹7,850 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 ₹32 or 0.41% to ₹7,850 per quintal in 6,860 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 ₹115 to ₹9,975 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 ₹115 or 1.15% at ₹9,975 per quintal, with an open interest of 34,960 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 increased by ₹50 to ₹5,345 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 ₹50 or 0.94% to ₹5,345 per quintal, with an open interest of 36,885 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.