Commodity market updates, July 30: Silver, copper fall; crude oil, gold futures surge

Here is how different commodity futures were trading on July 30.

Gold futures

Gold prices on Wednesday rose by ₹150 to ₹99,269 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 October delivery traded higher by ₹150 or 0.15% at ₹99,269 per 10 grams in a business turnover of 12,181 lots.

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

Globally, gold futures increased 0.01% to $3,327.08 per ounce in New York.

Silver futures

Silver prices declined marginally by ₹28 to ₹1,13,725 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹28, or 0.02%, to ₹1,13,725 per kilogram in a business turnover of 15,622 lots.

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

Globally, silver was trading 0.19% lower at $38.13 per ounce in New York.

Zinc futures

Zinc prices fell 0.11% to ₹268 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 30 paise or 0.11% at ₹268 per kg in 3,863 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.

Copper futures

Copper futures fell 0.07% to ₹898.95 per kilogram, as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for August delivery eased 65 paise or 0.07% to ₹898.95 per kilogram in a business turnover of 5,311 lots.

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

Aluminium futures

Aluminium prices rose 35 paise to ₹253.75 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 August increased 35 paise or 0.14% to ₹253.75 per kg in 4,575 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 prices increased by ₹63 to ₹6,037 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 ₹63 or 1.05% at ₹6,037 per barrel in 11,282 lots.

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

Globally, West Texas Intermediate crude was trading 0.09% higher at $69.15 per barrel, while Brent crude rose 0.08% to $72.57 per barrel in New York.