Commodity market updates, July 11: Copper declines; crude oil, gold futures rise

Here is how different commodity futures were trading on July 11.

Gold futures

Gold prices on Friday rose ₹540 to ₹97,231 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 August delivery traded higher ₹540 or 0.56% at ₹97,231 per 10 grams in a business turnover of 12,125 lots.

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

Globally, gold futures rose 0.30% to $3,334 per ounce in New York.

Zinc futures

Zinc prices on Friday rose 10 paise to ₹260.90 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for July delivery traded higher by 10 paise or 0.04% at ₹260.90 per kg with a business turnover of 3,217 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 on Friday fell 0.31% to ₹888 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for August delivery eased ₹2.80 or 0.31% to ₹888 per kilogram in a business turnover of 2,737 lots.

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

Crude oil futures

Crude oil prices on Friday rose ₹26 to ₹5,661 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 ₹26 or 0.46 per cent at ₹5,661 per barrel in 6,252 lots.

Analysts said the rise of bets by participants kept crude oil prices higher in futures trading.

Globally, West Texas Intermediate crude was trading 0.38% higher at $66.95 per barrel while Brent crude rose 0.48% to $68.97 per barrel in New York.

Guar seed futures

Guar seed prices on Friday declined by ₹15 to ₹5,302 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for August delivery fell ₹15 or 0.28% to ₹5,390 per quintal with an open interest of 46,920 lots.

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

Guar gum futures

Guar gum prices on Friday fell by ₹50 to ₹9,874 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 August delivery declined by ₹50 or 0.50% to ₹9,874 per quintal in 43,100 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 on Friday increased ₹26 to ₹7,542 per quintal in futures trade, as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for August delivery climbed ₹26 or 0.34% to ₹7,542 per quintal in 12,710 lots.

A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.

Cottonseed oil cake futures

Cottonseed oil cake prices on Friday rose ₹6 to ₹3,190 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the NCDEX, cottonseed oil cake for August delivery traded higher by ₹6 or 0.19% at ₹3,190 per quintal with an open interest of 44,920 lots.

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