Commodity market updates, July 17: Aluminium surges; crude oil, gold futures decline

Here is how different commodity futures were trading on July 17.

Gold futures

Gold prices on Thursday declined by ₹580 to ₹97,208 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery depreciated ₹580, or 0.59%, to ₹97,208 per 10 grams in a business turnover of 10,516 lots.

Analysts attributed the fall in gold prices to weak global cues.

In the international markets, gold futures slipped 0.49% to $3,330.68 per ounce in New York.

Silver futures

Silver prices declined by ₹85 to ₹1,11,550 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹85, or 0.08%, to ₹1,11,550 per kilogram in a business turnover of 18,011 lots.

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

Globally, silver was trading 0.07% lower at $37.88 per ounce in New York.

Aluminium futures

Aluminium prices rose 15 paise to ₹248.75 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 by 15 paise or 0.06% to ₹248.75 per kg in 1,562 lots.

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

Copper futures

Copper futures fell 0.17% to ₹885.70 per kilogram, as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for August delivery eased ₹1.50, or 0.17%, to ₹885.70 per kilogram in a business turnover of 1,414 lots.

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

Zinc futures

Zinc prices rose 5 paise to ₹256.55 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for August delivery traded higher by 5 paise or 0.02% at ₹256.55 per kg with a business turnover of 1,531 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 marginally to ₹5,633 per barrel, as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for August delivery declined by ₹1, or 0.02%, to ₹5,633 per barrel in 10,133 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 0.23% higher at $66.61 per barrel, while Brent Crude fell 0.20% to $68.66 per barrel in New York.

Guar gum futures

Guar gum prices rose ₹24 to ₹10,006 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 August delivery traded higher by ₹24 or 0.24% at ₹10,006 per quintal with an open interest of 51,355 lots.

Analysts said after tracking a firm physical market trend, traders raised their bets, which led to a rise in guar gum prices.

Cottonseed oil futures

Cottonseed oil cake prices fell ₹6 to ₹3,116 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for August delivery traded lower by ₹6 or 0.19% at ₹3,116 per quintal with an open interest of 71,440 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 ₹2 to ₹7,650 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for August delivery declined by ₹2 or 0.03% to ₹7,650 per quintal in 16,020 lots.

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

Guar seed futures

Guar seed prices on Thursday declined by ₹4 to ₹5,358 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for August delivery fell ₹4 or 0.07% to ₹5,358 per quintal with an open interest of 52,965 lots.

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