Commodity market updates, July 28: Industrial metals slump; crude oil, gold futures soar

Here is how different commodity futures were trading on July 28.

Gold futures

Gold prices on Monday rose by ₹206 to ₹98,025 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 by ₹206 or 0.21% at ₹98,025 per 10 grams in a business turnover of 5,831 lots.

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

Globally, gold futures increased 0.14% to $3,397.30 per ounce in New York.

Silver futures

Silver prices increased ₹116 to ₹1,13,168 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery surged ₹116 or 0.1% to ₹1,13,168 per kg in a business turnover of 16,021 lots.

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

Globally, silver was trading 0.16% higher at $38.42 per ounce in New York.

Copper futures

Copper futures fell 0.08% to ₹895.60 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for August delivery eased 70 paise or 0.08% to ₹895.60 per kilogram in a business turnover of 6,814 lots.

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

Zinc futures

Zinc prices slumped 0.41% to ₹266.75 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for August delivery traded lower by ₹1.10 or 0.41% at ₹266.75 per kg in 3,616 lots.

Analysts said the trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Aluminium futures

Aluminium prices declined 15 paise to ₹254.05 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in August fell 15 paise or 0.06% to ₹254.05 per kg in 4,332 lots.

Analysts attributed the fall to participants cutting down positions due to easing demand from consuming industries.

Crude oil futures

Crude oil prices rose ₹22 to ₹5,670 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 ₹22 or 0.39% at ₹5,670 per barrel in 11,085 lots.

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

Globally, West Texas Intermediate crude was trading 0.54% higher at $65.51 per barrel, while Brent crude rose 0.57% to $68.83 per barrel in New York.

Guar gum futures

Guar gum prices fell ₹91 to ₹9,767 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar gum for August delivery declined ₹91 or 0.93% to ₹9,767 per quintal in 37,900 lots.

Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Cottonseed oil futures

Cottonseed oil cake prices fell ₹74 to ₹3,217 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 ₹74 or 2.30% at ₹3,217 per quintal, with an open interest of 70,380 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 increased by ₹34 to ₹7,736 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 ₹34 or 0.44% to ₹7,736 per quintal in 14,420 lots.

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