Commodity Market Updates, September 3: Gold futures extend gains to hit fresh all-time high; Silver, Crude oil fall

Here is how different commodity futures were trading on Wednesday, September 3.

Gold futures

Gold surged to a fresh lifetime high of ₹1,06,199 per 10 grams on Wednesday, extending its winning streak to the 11th straight session as investors rushed to safe-haven assets amid US trade tariff uncertainty and weakness in global equities.

The most traded gold futures for the October contract climbed ₹407 or 0.38% to hit a record high of ₹1,06,199 per 10 grams in early trade on the Multi-Commodity Exchange (MCX).

Subsequently, the December contract of the yellow metal also surged, advancing ₹286 or 0.2% to hit another lifetime high of ₹1,07,150 per 10 grams on the commodities bourse.

In the last 11 trading sessions, the yellow metal prices have surged ₹5,941 per 10 grams, or 5.93%, from ₹1,00,258 per 10 grams on August 20, to the fresh record of ₹1,06,199 per 10 grams on September 3.

Tracking global cues, Comex gold futures in New York jumped to an all-time high of $3,616.70 per ounce.

Silver futures

Silver prices fell by ₹435 to ₹1,24,095 per kilogram in futures trade as traders booked profits at higher levels amid a weak trend in the global markets.

On the MCX, silver contracts for December delivery declined ₹435 or 0.35% to ₹1,24,095 per kg, in a business turnover of 20,244 lots.

In the international market, Comex silver futures were trading 0.19% lower at $41.52 per ounce.

Copper futures

Copper futures slipped ₹3.70 to ₹903.50 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the September contract eased by ₹3.70 or 0.41% to ₹903.50 per kilogram in a business turnover of 6,811 lots.

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

Aluminium futures

Aluminium prices declined 90 paise to ₹254.60 per kilogram in the futures trade as participants trimmed their positions due to a weak trend in the spot market.

On the MCX, aluminium for delivery in September fell 90 paise or 0.35% to ₹254.60 per kg in 4,019 lots.

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

Zinc futures

Zinc prices were flat at ₹274.75 per kilogram in futures trade as traders kept to the sidelines.

On the MCX, zinc contracts for September delivery traded unchanged at ₹274.75 per kg, in a business turnover of 1,689 lots.

Marketmen said subdued demand from consuming industries kept zinc prices steady in the futures trade.

Crude oil futures

Crude oil futures declined ₹18 to ₹5,768 per barrel as investors remained cautious ahead of the OPEC+ meeting later this week and awaited US inventory data for fresh cues.

On the MCX, crude oil for the September contract decreased by ₹18 or 0.31% to ₹5,768 per barrel with a business volume of 11,497 lots.

On the global front, West Texas Intermediate crude oil slipped 0.23% to $65.44 per barrel, while Brent Crude traded 0.22% down at $68.99 a barrel.

Guar gum futures

Guar gum prices fell by ₹45 to ₹9,496 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar gum for October delivery declined by ₹45 or 0.47% to ₹9,496 per quintal in 37,050 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 by ₹94 to ₹7,794 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 ₹94 or 1.21% to ₹7,794 per quintal in 10,995 lots.

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

Guar seed futures

Guar seed prices increased by ₹8 to ₹5,203 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the NCDEX, guar seed contracts for October delivery rose ₹8 or 0.15% to ₹5,203 per quintal, with an open interest of 46,225 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 rose ₹3 to ₹2,962 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 ₹3 or 0.10% at ₹2,962 per quintal, with an open interest of 3,280 lots.

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