Commodity market updates, June 27: Crude oil, silver, gold futures decline

Here is how different commodity futures were trading on June 27.

Gold futures

On the Multi Commodity Exchange (MCX), gold contracts for August delivery fell ₹1,430 or 1.47% to ₹95,657 per 10 grams in a business turnover of 14,764 lots.

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

In the international markets, gold futures fell 1.25% to $3,306.10 per ounce in New York.

Silver futures

Silver prices on Friday declined ₹321 to ₹1,07,576 per kilogram as participants reduced their bets.

On the MCX, silver contracts for September delivery decreased ₹321 or 0.3% to ₹1,07,576 per kilogram in a business turnover of 12,145 lots.

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

Globally, silver futures were trading 0.39% lower at $36.78 per ounce in New York.

Aluminium futures

Aluminium prices on Friday declined 45 paise 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 45 paise or 0.18% to ₹247.70 per kg in 4,125 lots.

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

Copper futures

Copper futures on Friday slipped 0.1% to ₹895.10 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper contracts for July delivery eased by 90 paise or 0.1% to ₹895.10 per kilogram in a business turnover of 8,033 lots.

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

Zinc futures

Zinc prices on Friday fell 0.27% to ₹259.30 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 70 paise or 0.27% at ₹259.30 per kg in 3,765 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.

Crude oil futures

Crude oil futures on Friday fell ₹3 to ₹5,622 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for July delivery declined ₹3 or 0.05% to ₹5,622 per barrel in 13,705 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 0.54% higher at $65.59 per barrel, while Brent Crude rose 0.5% to $68.07 per barrel in New York.

Guar seed futures

Guar seed prices on Friday increased ₹24 to ₹5,061 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 ₹24 or 0.47% to ₹5,061 per quintal with an open interest of 41,950 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 ₹58 to ₹9,376 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 0.62% at ₹9,376 per quintal with an open interest of 39,055 lots.

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

Coriander futures

Coriander prices on Friday eased ₹34 to ₹7,074 per quintal in futures trade as speculators reduced their positions amid a weak demand in the spot market.

On the NCDEX, coriander contracts for July delivery declined ₹34 or 0.48% to ₹7,074 per quintal in 13,875 lots.

Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here.

Cottonseed oil futures

Cottonseed oil cake prices on Friday fell ₹23 to ₹3,138 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 ₹23 or 0.73% at ₹3,138 per quintal with an open interest of 80,530 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.