Commodity market updates, July 7: Crude oil, silver, gold futures decline

Here is how different commodity futures were trading on July 7.

Gold futures

Gold prices on Monday declined ₹528 to ₹96,462 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery depreciated ₹528, or 0.54%, to ₹96,462 per 10 grams in a business turnover of 12,305 lots.

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

In the international markets, gold futures slipped 0.78% to $3,311.14 per ounce in New York.

Silver futures

Silver prices on Monday fell ₹694 to ₹1,07,735 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹694 or 0.64% to ₹1,07,735 per kilogram in a business turnover of 16,370 lots.

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

Globally, silver was trading 1.14% lower at $36.54 per ounce in New York.

Aluminium futures

Aluminium prices on Monday declined marginally to ₹247.50 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 ₹1 or 0.4% to ₹247.50 per kg in 3,672 lots.

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

Zinc futures

Zinc prices slipped by 0.55% to ₹255.30 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 ₹1.40 or 0.55% at ₹255.30 per kg in 3,458 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 Monday declined by 0.4% to ₹888.30 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for July delivery eased ₹3.60 or 0.4% to ₹888.30 per kilogram in a business turnover of 8,179 lots.

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

Crude oil futures

Crude oil futures on Monday fell by ₹10 to ₹5,680 per barrel, as participants trimmed their positions tracking weak demand in the spot market.

On the MCX, crude oil for July delivery declined ₹10 or 0.18% to ₹5,680 per barrel in 12,116 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 0.78% lower at $66.22 per barrel, while Brent Crude fell 0.33% to $67.97 per barrel in New York.

Guar seed futures

Guar seed prices on Monday declined ₹26 to ₹5,390 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for August delivery fell by ₹26 or 0.48% to ₹5,390 per quintal with an open interest of 41,995 lots.

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

Guar gum futures

Guar gum prices on Monday slipped by ₹73 to ₹10,092 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, guar gum for August delivery declined by ₹73 or 0.72% to ₹10,092 per quintal in 35,195 lots.

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

Coriander futures

Coriander prices on Monday increased ₹18 to ₹7,254 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 by ₹18 or 0.25% to ₹7,254 per quintal in 9,310 lots.

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

Cottonseed oil futures

Cottonseed oil cake prices on Monday fell ₹8 to ₹3,241 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 ₹8 or 0.25% at ₹3,241 per quintal with an open interest of 34,780 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.