Commodity Market Updates, September 9: Gold futures touch record high; Silver, Crude Oil surge

Here is how different commodity futures were trading on September 9.

Gold futures

On the Multi-Commodity Exchange (MCX), the yellow metal futures for December delivery soared ₹723 or 0.65% to hit a fresh peak of ₹1,10,312 per 10 grams on Tuesday, September 9.

Also, the most traded gold futures for October delivery jumped ₹982 or 0.9% to hit a fresh peak of ₹1,09,500 per 10 grams on the MCX.

In the overseas markets, Comex gold futures for December delivery rose to hit an all-time high of $3,698.02 per ounce. Also, spot gold appreciated to hit a record high of $3,658.38 per ounce.

The rally in gold prices came on the back of mounting expectations that the US Federal Reserve might cut interest rates at the upcoming Federal Open Market Committee (FOMC) meeting, which will take place between September 16 and 17. The disappointing US labour market data has also strengthened conviction among traders about the potential rate cut.

Silver futures

Silver prices increased by ₹186 to ₹1,25,757 per kilogram in futures trade as participants increased their bets.

On the MCX, silver contracts for December delivery appreciated by ₹186 or 0.15% to ₹1,25,757 per kg, in a business turnover of 17,949 lots.

Fresh positions built up by participants led to a rise in silver prices, analysts said.

However, silver was trading 0.15% lower at $41.29 per ounce in New York.

Copper futures

Copper futures surged 0.27% to ₹906.75 per kilogram due to higher spot demand.

On the MCX, copper contracts for October delivery grew ₹2.40 or 0.27% to ₹906.75 per kg, in a business turnover of 1,804 lots.

Analysts attributed the rise in copper prices to higher bets by participants.

Zinc futures

Zinc prices fell 0.50% to ₹278.05 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 50 paise or 0.18% at ₹278.05 per kg in 652 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.

Aluminium futures

Aluminium prices rose 40 paise to ₹256.35 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 October increased by 40 paise or 0.16% to ₹256.35 per kg in 498 lots.

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

Crude oil futures

Crude oil prices rose ₹46 to ₹5,537 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for September delivery traded higher by ₹46 or 0.84% at ₹5,537 per barrel in 10,542 lots.

Globally, West Texas Intermediate crude was trading 0.44% higher at $62.70 per barrel, while Brent crude rose 0.70% to $66.48 per barrel in New York.

Cottonseed oil cake futures

Cottonseed oil cake prices fell ₹38 to ₹2,954 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 ₹38 or 1.29% at ₹2,954 per quintal, with an open interest of 7,890 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.

Coriander futures

Coriander prices eased by ₹8 to ₹8,268 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 ₹8 or 0.10% to ₹8,268 per quintal in 15,450 lots.

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

Guar Gum futures

Guar gum prices rose ₹49 to ₹9,239 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for September delivery traded higher by ₹49 or 0.53% at ₹9,239 per quintal, with an open interest of 43,385 lots.

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

Guar seed futures

Guar seed prices increased by ₹7 to ₹5,124 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 September delivery rose ₹7 or 0.14% to ₹5,124 per quintal, with an open interest of 44,370 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.