Commodity market updates, July 9: Copper, crude oil, gold futures decline

Here is how different commodity futures were trading on July 9.

Gold futures

Gold prices on Wednesday declined by ₹386 to ₹96,086 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery depreciated ₹386, or 0.4%, to ₹96,086 per 10 grams in a business turnover of 12,436 lots.

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

In the international markets, gold futures slipped 0.56% to $3,298.40 per ounce in New York.

Silver futures

Silver prices on Wednesday declined by ₹214 to ₹1,07,771 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹214, or 0.2%, to ₹1,07,771 per kilogram in a business turnover of 16,447 lots.

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

Globally, silver was trading 0.11% higher at $36.79 per ounce in New York.

Copper futures

Copper futures on Wednesday fell 0.72% to ₹884.10 per kilogram, as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for July delivery eased ₹6.40, or 0.72%, to ₹884.10 per kilogram in a business turnover of 8,575 lots.

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

Aluminium futures

Aluminium prices on Wednesday declined 70 paise to ₹248 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 70 paise, or 0.28%, to ₹248 per kg in 3,605 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 on Wednesday rose 45 paise to ₹256.40 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for July delivery traded higher by 45 paise or 0.18% at ₹256.40 per kg with a business turnover of 3,275 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 on Wednesday fell ₹27 to ₹5,859 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for July delivery declined by ₹27 or 0.46% to ₹5,859 per barrel in 13,022 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 0.19% lower at $68.20 per barrel, while Brent Crude fell 0.13% to $70.06 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices on Wednesday rose ₹17 to ₹3,056 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for July delivery traded higher by ₹17, or 0.56% to ₹3,056 per quintal with an open interest of 54,080 lots.

Marketmen said the widening of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Coriander futures

Coriander prices on Wednesday increased by ₹120 to ₹7,258 per quintal in futures trade, as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for July delivery climbed ₹120 or 1.65% to ₹7,258 per quintal in 7,225 lots.

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