Commodity Market Updates, September 17: Crude oil, Aluminium decline; Gold futures fall

Here is how different commodity futures were trading on September 17.

Gold futures

On the Multi-Commodity Exchange (MCX), gold futures for October delivery fell ₹259 or 0.24% to ₹1,09,897 per 10 grams on Wednesday, September 19, as investors trimmed their positions after the yellow metal touched a lifetime high of ₹1,10,666 per 10 grams on Tuesday.

Similarly, the December contract for gold futures declined ₹232 or 0.21% to ₹1,10,953 per 10 grams after scaling a record peak of ₹1,11,703 per 10 grams in the previous session.

In the international market, gold futures for December delivery were quoted 0.19% lower at $3,718.10 per ounce after scaling a fresh peak of $3,739.90 per ounce on Tuesday.

Silver futures

On the MCX, silver futures for December delivery dropped by ₹1,267 or nearly 1% to ₹1,27,553 per kilogram. The March next year contract for silver futures also declined ₹1,169 or 0.9% to ₹1,29,160 per kg on the MCX.

Globally, silver futures fell 1.20% to $42.40 per ounce. In the previous session, it had hit a 14-year high of $43.43 per ounce.

Aluminium futures

Aluminium prices declined 45 paise to ₹262 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 October fell 45 paise or 0.17% to ₹262 per kg in 1,506 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 declined by ₹4.85 to ₹917.05 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the October contract eased by ₹4.85 or 0.53% to ₹917.05 per kilogram in a business turnover of 3,807 lots.

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

Zinc futures

Zinc prices fell 0.4% to ₹285.05 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for October delivery traded lower by ₹1.15 or 0.4% at ₹285.05 per kg in 1,530 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 slipped ₹37 to ₹5,644 per barrel, as participants trimmed their positions, tracking weak demand in the spot market.

On the MCX, crude oil for October delivery declined ₹37, or 0.65%, to ₹5,644 per barrel in 9,862 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 0.12% lower at $64.44 per barrel, while Brent Crude fell 0.15% to $68.37 per barrel in New York.

Guar seed futures

Guar seed prices declined by ₹10 to ₹5,154 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for October delivery fell ₹10 or 0.19% to ₹5,154 per quintal with an open interest of 49,905 lots.

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

Guar gum futures

Guar gum prices fell by ₹22 to ₹9,402 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 ₹22 or 0.23% to ₹9,402 per quintal in 50,615 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 ₹14 to ₹8,306 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for October delivery climbed ₹14 or 0.17% to ₹8,306 per quintal in 15,660 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 rose by ₹2 to ₹2,914 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the NCDEX, cottonseed oil cake for December delivery traded higher by ₹2 or 0.07% at ₹2,914 per quintal, with an open interest of 12,560 lots.

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