Commodity Market Updates, September 12: Silver, Gold futures surge; Aluminum, Crude oil decline

Here is how commodity futures were trading on September 12.

Gold futures

Gold prices climbed ₹572 to trade close to record levels at ₹1,09,553 per 10 grams in the domestic futures market on Friday, September 12, tracking a strong global trend and firm investor demand.

On the Multi Commodity Exchange (MCX), the most traded October delivery jumped ₹572 or 0.52% to ₹1,09,553 per 10 grams in a business turnover of 16,533 lots.

The yellow metal had touched an all-time high of ₹1,09,840 per 10 grams on Tuesday.

The far-month December delivery also advanced by ₹593 or 0.54% to ₹1,10,640 per 10 grams in 5,513 lots on the MCX, reflecting sustained bullish momentum.

In the international market, Comex gold futures for December delivery rose $20.40, or 0.56%, to $3,694 per ounce, trading near its lifetime peak. The most traded precious metal futures on Tuesday had scaled a record of $3,715.20 per ounce.

Silver futures

Silver scaled uncharted territory and surged ₹1,668 to hit a fresh peak of Rs 1,30,000 per kilogram in the domestic futures market for the first time, as investors rushed to the white metal on strong bets of a US Federal Reserve rate cut next week.

On the MCX, silver futures for March next year delivery soared ₹1,668 or 1.3% to hit a lifetime high of ₹1,30,000 per kg.

The most traded December delivery also rallied ₹1,674 or 1.32% to hit an all-time high of ₹1,28,612 per kg on the MCX.

Globally, silver futures for December delivery rose 1.52% to $42.79 per ounce, scaling a fresh 14-year high.

Copper futures

Copper futures rose ₹4.30 to ₹917.30 per kilogram in the domestic futures market as speculators widened their positions, tracking firm global trends.

On the MCX, copper contracts for October delivery increased ₹4.30 or 0.47% to ₹917.30 per kg in a business turnover of 6,021 lots.

The most traded red metal futures for September delivery extended the gains for the fifth straight session by appreciating ₹4.45 or 0.48% to ₹922.55 per kg on the MCX.

In the international markets, Copper futures on the London Metal Exchange rose 0.38% to $10,051.50 per tonne. Comex copper futures went up by 0.64% to $4.68 per pound.

Aluminium futures

Aluminium prices slipped 10 paise to ₹261.55 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 September fell 10 paise or 0.10% to ₹261.55 per kg in 789 lots.

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

Crude oil futures

Crude oil futures slipped ₹59 to ₹5,466 per barrel, as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for October delivery declined ₹59, or 1.07%, to ₹5,466 per barrel in 5,150 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 0.88% lower at $61.82 per barrel, while Brent Crude fell 0.78% to $65.85 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices fell ₹5 to ₹2,930 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded lower by ₹5 or 0.17% at ₹2,930 per quintal with an open interest of 3,360 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 seed futures

Guar seed prices declined ₹15 to ₹5,145 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for October delivery fell ₹15 or 0.29% to ₹5,145 per quintal with an open interest of 47,600 lots.

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

Guar gum futures

Guar gum prices fell ₹23 to ₹9,330 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 October delivery declined by ₹23 or 0.25% to ₹9,330 per quintal in 46,815 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 eased ₹20 to ₹8,160 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for October delivery declined ₹20 or 0.25% to ₹8,160 per quintal in 14,000 lots.

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