Commodity Market Updates, September 11: Silver, Gold futures decline; Industrial metals surge

Here is how different commodity futures were trading on September 11.

Gold futures

Gold prices declined by ₹226 to ₹1,08,760 per 10 grams in the domestic futures market on Thursday, September 11, tracking weakness in the international market.

On the Multi Commodity Exchange (MCX), the most traded gold futures for October delivery slipped by ₹226, or 0.21%, to ₹1,08,760 per 10 grams with a business turnover of 16,883 lots.

Internationally, Comex gold futures for December delivery were quoting 0.38% lower at $3,667.95 per ounce.

Silver futures

Silver futures for December delivery fell by ₹478, or 0.38%, to ₹1,24,702 per kilogram on the MCX.

Globally, Comex silver futures for December delivery went up 0.11% to $41.64 per ounce in the overseas markets.

Aluminium futures

Aluminium prices advanced by ₹1.30 to ₹256.55 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in September increased by ₹1.30 or 0.51% to ₹256.55 per kg in 4,239 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Copper futures

Copper prices surged ₹1.85 to ₹909.15 per kilogram in the domestic futures market due to higher spot demand.

Extending the gains for the fourth consecutive session, copper contracts for September delivery went up by ₹1.85 or 0.2% to ₹909.15 per kg in a business turnover of 6,034 lots on the MCX.

The red metal futures for October delivery increased ₹2.35 or 0.26% to ₹914.45 per kg on the commodities bourse.

Zinc futures

Zinc prices rose 60 paise to ₹279.85 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for October delivery traded higher by 60 paise or 0.21% to ₹279.85 per kilogram with a business turnover of 913 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 fell ₹8 to ₹5,614 per barrel as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for September delivery declined ₹8 or 0.14% to ₹5,614 per barrel in 10,158 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 0.24% lower at $63.52 per barrel, while Brent Crude fell 0.19% to $67.36 per barrel in New York.

Guar seed futures

Guar seed prices increased by ₹16 to ₹5,112 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 October delivery rose ₹16 or 0.31% to ₹5,112 per quintal, with an open interest of 47,175 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.

Cottonseed oil cake futures

Cottonseed oil cake prices fell ₹4 to ₹2,916 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for December delivery traded lower by ₹4 or 0.14% at ₹2,916 per quintal, with an open interest of 8,800 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.

Guar gum futures

Guar gum prices rose ₹26 to ₹9,254 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for October delivery traded higher by ₹26 or 0.28% at ₹9,254 per quintal with an open interest of 45,930 lots.

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