Commodity market updates, August 6: Copper, silver decline; crude oil, gold futures soar

Here is how different commodity futures were trading on August 6.

Gold futures

Gold prices on Wednesday jumped ₹236 to ₹1,01,102 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 ₹236 or 0.23% at ₹1,01,102 per 10 grams in a business turnover of 15,059 lots.

Globally, Comex gold futures for December delivery fell 0.23% to $3,372.73 per ounce in New York.

Silver futures

Silver prices declined by ₹230 to ₹1,13,274 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹230, or 0.2%, to ₹1,13,274 per kilogram in a business turnover of 17,445 lots.

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

Globally, silver was trading 0.05% lower at $37.79 per ounce in New York.

Zinc futures

Zinc prices rose 15 paise to ₹265.20 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for August delivery traded higher by 15 paise or 0.06% at ₹265.20 per kg with a business turnover of 3,118 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 fell 0.01% to ₹885.50 per kilogram, as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for September delivery eased 10 paise or 0.01% to ₹885.50 per kilogram in a business turnover of 1,368 lots.

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

Aluminium futures

Aluminium prices rose 30 paise to ₹251.65 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 August increased 30 paise or 0.12% to ₹251.65 per kg in 4,380 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 prices rose ₹15 to ₹5,763 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for August delivery traded higher by ₹15 or 0.26% at ₹5,763 per barrel in 8,675 lots.

Analysts said that participants raising the bets kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.58% higher at $65.54 per barrel, while Brent crude rose 0.62% to $68.06 per barrel in New York.