Commodity market updates, June 20: Zinc, crude oil, gold futures slump

Here is how different commodity futures were trading on June 20.

Gold futures

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by ₹665, or 0.67%, at ₹98,664 per 10 grams in a business turnover of 14,201 lots.

Globally, gold futures fell 0.72% to $3,346.58 per ounce in New York.

Silver futures

On the MCX, silver contracts for July delivery depreciated by ₹1,619 or 1.51% to ₹1,05,774 per kg in a business turnover of 13,223 lots.

On the global front, silver was trading 2.02% lower at $35.64 per ounce in New York.

Copper futures

Copper futures on Friday slipped 0.48% to ₹880 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for July delivery eased by ₹4.25 or 0.48% to ₹880 per kilogram in a business turnover of 4,999 lots.

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

Zinc futures

Zinc prices on Friday fell 0.34% to ₹252.85 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 85 paise or 0.34% at ₹252.85 per kg in 2,163 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 on Friday declined 95 paise to ₹245.90 per kilogram in the futures market as participants trimmed their positions on a weak trend in the spot market.

On the Multi Commodity Exchange, aluminium for delivery in July fell 95 paise or 0.38% to ₹245.90 per kg in 2,318 lots.

Analysts said that aluminium prices were trading lower as participants cut down positions due to easing demand from consuming industries.

Crude oil futures

On the MCX, crude oil for July delivery traded lower by ₹58 or 0.90%, at ₹6,391 per barrel in 9,030 lots.

Globally, West Texas Intermediate crude was trading 0.19% lower at $75.00 per barrel while Brent crude fell 2.93% to $76.54 per barrel in New York.

Guar seed futures

Guar seed prices on Friday declined by ₹8 to ₹5,129 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for July delivery fell by ₹8 or 0.16% to ₹5,129 per quintal with an open interest of 53,630 lots.

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

Guar gum futures

Guar gum prices on Friday fell ₹3 to ₹9,545 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the NCDEX, guar gum for July delivery declined by ₹3 or 0.03% to ₹9,545 per quintal in 50,560 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 increased by ₹10 to ₹7,030 per quintal in futures trade on Friday as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for July delivery climbed ₹10 or 0.14% to ₹7,030 per quintal in 17,585 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices on Friday rose to ₹3,164 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for July delivery traded higher by ₹1 or 0.03% at ₹3,164 per quintal with an open interest of 87,350 lots.

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