Commodity market updates, June 24: Copper, crude oil, gold futures fall

Here is how different commodity futures were trading on June 24.

Gold futures

Gold prices on Tuesday declined ₹1,983 to ₹97,405 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by ₹1,983 or 2% at ₹97,405 per 10 grams in a business turnover of 13,672 lots.

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

In the international markets, gold futures fell 0.86% to $3,339.57 per ounce in New York.

Silver futures

Silver prices on Tuesday fell ₹711 to ₹1,06,048 per kilogram as participants reduced their bets.

On the MCX, silver contracts for July delivery decreased by ₹711 or 0.67% to ₹1,06,048 per kilogram in a business turnover of 12,020 lots.

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

Globally, silver futures were trading 0.03% lower at $36.10 per ounce in New York.

Zinc futures

Zinc prices on Tuesday fell 0.39% to ₹254.70 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 or 0.39% at ₹254.70 per kg in 2,775 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 Tuesday slipped 0.23% to ₹885.90 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the Multi Commodity Exchange, copper contracts for July delivery eased by ₹2 or 0.23% to ₹885.90 per kilogram in a business turnover of 6,003 lots.

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

Aluminium futures

Aluminium prices on Tuesday declined by ₹2.75 to ₹247.70 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 ₹2.75 or 1.1% to ₹247.70 per kg in 3,574 lots.

Analysts said participants cutting down positions due to easing demand from consuming industries mainly kept aluminium prices lower.

Crude oil futures

Crude oil futures fell ₹316 to ₹5,730 per barrel on Tuesday as hopes of a ceasefire between Iran and Israel, coupled with weaker spot demand, prompted participants to trim their positions.

On the MCX, crude oil for July delivery declined ₹316 or 5.23% to ₹5,730 per barrel in 10,985 lots.

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

On the global front, West Texas Intermediate crude oil fell 3.49% to $66.12 per barrel, and Brent Crude was trading 3.36% lower at $69.08 a barrel in New York.

Guar seed futures

Guar seed prices on Tuesday increased ₹28 to ₹5,095 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for July delivery increased by ₹28 or 0.55% to ₹5,095 per quintal with an open interest of 48,975 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 Tuesday rose ₹58 to ₹9,487 per quintal in futures trade, as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for July delivery traded higher by ₹58 or 0.61% at ₹9,487 per quintal with an open interest of 47,505 lots.

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

Coriander futures

Coriander prices increased by ₹22 to ₹7,078 per quintal in futures trade on Tuesday as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for July delivery climbed by ₹22 or 0.31% to ₹7,078 per quintal in 17,165 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 Tuesday rose ₹5 to ₹3,176 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the NCDEX, cottonseed oil cake for July delivery traded higher by ₹5 or 0.16% at ₹3,176 per quintal with an open interest of 83,920 lots.

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