Commodity market updates, July 14: Silver futures touch all-time high; gold prices edge higher

Here is how different commodity futures were trading on July 14.

Silver futures

Silver prices on Monday touched an all-time high of ₹1,14,875 per kilogram in futures trade in line with firm global trends.

On the Multi Commodity Exchange (MCX), the metal contracts for September delivery hit a record high of Rs 1,14,875 per kilogram in early trade.

Later, it pared the gains to trade ₹1,520, or 1.35%, higher at ₹1,14,521 per kilogram with an open interest of 22,695 lots.

Subsequently, the silver metal futures for December delivery rallied ₹1,888, or 1.64%, to hit a lifetime high of ₹1,16,566 per kg on the MCX.

Globally, silver was trading 1.68% higher at $39.05 per ounce in New York.

"Silver extended its bullish run, surging to fresh year-to-date highs as renewed tariff tensions, a weakening US dollar, and mounting geopolitical uncertainty fuelled robust demand for its dual safe-haven and industrial appeal," Riya Singh, Research Analyst of Commodities and Currency at Emkay Global Financial Services, said.

Market participants will closely monitor this week's macroeconomic data, including the US Consumer Price Index (CPI) and Producer Price Index (PPI), which in turn steer bullion trajectory, Singh added.

Gold futures

Gold prices on Monday increased by ₹320 to ₹98,138 per 10 grams in futures trade, as speculators created fresh positions on a firm spot demand.

On the MCX, gold contracts for August delivery traded higher by ₹320, or 0.33%, at ₹98,138 per 10 grams in a business turnover of 12,393 lots.

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

Globally, gold futures rose 0.09% to $3,358.72 per ounce in New York.

Zinc futures

Zinc prices on Monday rose 35 paise to Rs 259.10 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for August delivery traded higher by 35 paise or 0.14% at ₹259.10 per kg with a business turnover of 1,341 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 0.16% to ₹890.45 per kilogram on Monday due to higher spot demand.

On the MCX, copper contracts for August delivery grew ₹1.45, or 0.16%, to ₹890 per kg in a business turnover of 3,004 lots.

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

Aluminium futures

Aluminium prices on Monday rose 65 paise to ₹249.95 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 65 paise, or 0.26%, to ₹249.95 per kg in 1,290 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 futures on Monday fell ₹17 to ₹5,898 per barrel, as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for August delivery declined by ₹17, or 0.29%, to ₹5,898 per barrel in 9,692 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 0.13% higher at $68.54 per barrel, while Brent Crude rose 0.13% to $70.45 per barrel in New York.

Cottonseed oil cake

Cottonseed oil cake prices on Monday rose ₹21 to ₹3,158 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for August delivery traded higher by ₹21 or 0.66% to ₹3,158 per quintal with an open interest of 50,820 lots.

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