Commodity market updates, July 4: Copper, crude oil fall; gold futures soar

Here is how different commodity futures were trading on July 4.

Gold futures

Gold prices on Friday rose ₹298 to ₹97,080 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 ₹298 or 0.31% at ₹97,080 per 10 grams in a business turnover of 12,416 lots.

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

Globally, gold futures rose 0.27% to $3,351 per ounce in New York.

Silver futures

Silver prices on Friday rose ₹63 to ₹1,08,299 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for September delivery increased ₹63 or 0.06% to ₹1,08,299 per kg in a business turnover of 16,437 lots.

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

Globally, silver was trading 0.12% lower at $37.04 per ounce in New York.

Zinc futures

Zinc prices on Friday fell 0.25% to ₹256.80 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for July delivery traded lower by 65 paise or 0.25% at ₹256.80 per kg in 3,475 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 on Friday fell 0.98% to ₹890.05 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for July delivery eased ₹8.80 or 0.98% to ₹890.05 per kilogram in a business turnover of 8,323 lots.

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

Aluminium futures

Aluminium prices on Friday declined 45 paise to ₹ 248.70 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 July fell 45 paise or 0.18 % to ₹ 248.70 per kg in 4,122 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Crude oil futures

Crude oil futures on Friday fell ₹20 to ₹5,704 per barrel, as participants trimmed their positions tracking weak demand in the spot market.

On the MCX, crude oil for July delivery declined ₹20 or 0.35% to ₹5,704 per barrel in 11,943 lots.

Analysts said the prices were affected following participants offloading their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil was trading 0.36 % lower at USD 66.76 per barrel, while Brent Crude fell 0.47 % to USD 68.48 per barrel in New York.

Coriander futures

Coriander prices on Friday increased ₹14 to ₹7,182 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for July delivery climbed ₹14 or 0.19% to ₹7,182 per quintal in 9,360 lots.

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

Guar seed futures

Guar seed prices on Friday increased ₹75 to ₹ 5,265 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the NCDEX, guar seed contracts for July delivery increased ₹75 or 1.42% to ₹5,265 per quintal with an open interest of 23,280 lots.

According to marketmen, speculators raising bets, a firm trend in the spot market and thin supplies from growing belts mainly led to the rise in guar seed prices.

Guar gum futures

Guar gum prices on Friday rose ₹148 to ₹9,775 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the National Commodity and Derivatives Exchange, guar gum contracts for July delivery traded higher ₹148 or 1.51%, at ₹9,775 per quintal with an open interest of 20,230 lots.

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

Cottonseed oil futures

Cottonseed oil cake prices on Friday fell ₹16 to ₹3,132 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for July delivery traded lower by ₹16 or 0.51% at ₹3,132 per quintal with an open interest of 65,600 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.