Commodity market updates, August 7: Gold futures touch all-time high; crude oil declines

Here is how different commodity futures were trading on August 7.

Gold futures

During Thursday’s session, the gold prices reached a record high of ₹1,02,155 per 10 gram in futures trade on the Multi-Commodity Exchange (MCX), driven by the US tariff tension and market volatility.

At the time of writing, gold contracts for October delivery were trading higher by ₹799 or 0.79% at ₹1,02,061 per 10 grams in a business turnover of 15,746 lots.

Globally, Comex gold futures for December delivery rose 0.49% to $3,385.98 per ounce in New York.

Silver futures

Silver prices increased by ₹968 to ₹1,14,623 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery appreciated ₹968 or 0.85% to ₹1,14,623 per kg in a business turnover of 16,647 lots.

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

However, silver was trading 0.85% higher at $38.15 per ounce in New York.

Aluminium futures

Aluminium prices surged 90 paise to ₹256.85 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 90 paise or 0.35% to ₹256.85 per kg in 425 lots.

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

Copper futures

Copper futures rose 0.31% to ₹890.70 per kilogram due to higher spot demand.

On the MCX, copper contracts for September delivery grew ₹2.75 or 0.31% to ₹890.70 per kg, in a business turnover of 1,425 lots.

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

Zinc futures

Zinc prices soared ₹1.65 to ₹270.75 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by ₹1.65 or 0.61% at ₹270.75 per kg with a business turnover of 349 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 fell ₹7 to ₹5,635 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil contracts for September delivery declined ₹7 or 0.12% to ₹5,635 per barrel in 2,708 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 0.70% higher at $64.80 per barrel, while Brent Crude rose 0.64% to $67.32 per barrel in New York.

Guar gum futures

Guar gum prices rose ₹40 to ₹9,915 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the National Commodity and Derivatives Exchange (NCDEX), guar gum contracts for September delivery traded higher by ₹40 or 0.40% at ₹9,915 per quintal, with an open interest of 41,775 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 ₹17 to ₹5,333 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for September delivery rose ₹17 or 0.32% to ₹5,333 per quintal with an open interest of 42,400 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.

Cottonseed oil cake

Cottonseed oil cake prices surged ₹15 to ₹3,321 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 ₹15 or 0.45% at ₹3,321 per quintal, with an open interest of 20,500 lots.

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

Coriander futures

Coriander prices marginally eased to ₹7,932 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for October delivery declined ₹2 or 0.03% to ₹7,932 per quintal in 195 lots.

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