Commodity market: Prices of industrial metals, except zinc, increased on the Multi-Commodity Exchange. Precious metals, gold and silver futures, declined on Friday. Crude oil contracts surged marginally.
Here is how different commodity futures were trading on August 1.
Gold futures
Gold prices on Friday declined by ₹237 to ₹98,532 per 10 grams in futures trade amid muted spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery depreciated by ₹237 or 0.24% to ₹98,532 per 10 grams in a business turnover of 12,512 lots.
Analysts attributed the fall in yellow metal prices to weak global cues.
In the international markets, gold futures rose 0.17% to $3,295.60 per ounce in New York.
Silver futures
Silver prices declined by ₹161 to ₹1,09,811 per kilogram as participants reduced their bets.
On the MCX, silver contracts for September delivery decreased ₹161, or 0.15%, to Rs 1,09,811 per kilogram in a business turnover of 20,541 lots.
Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices.
Globally, silver was trading 0.23% lower at $36.63 per ounce in New York.
Copper futures
Copper futures rose 0.24% to ₹878.25 per kilogram on Friday due to higher spot demand.
On the MCX, copper contracts for August delivery increased by ₹2.10 or 0.24% to ₹878.25 per kg, with a business turnover of 6,909 lots.
Analysts attributed the rise in copper prices to higher bets by participants.
Copper prices on Thursday dropped ₹36 to hit an all-time low of ₹861.70 per kilogram in futures trade after the US administration announced that it plans to impose a 50% tariff on copper imports.
Zinc futures
Zinc prices fell 0.6% to ₹263.95 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.
On the MCX, zinc contracts for August delivery traded lower by ₹1.60 or 0.6% at ₹263.95 per kg in 3,396 lots.
Analysts said that the trimming of positions by participants, due to slackened demand from consuming industries in the physical market, mainly weighed on zinc prices.
Aluminium futures
Aluminium prices rose 15 paise to ₹250.60 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 August increased 15 paise or 0.06% to ₹250.60 per kg in 4,461 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 futures fell marginally to ₹6,049 per barrel as participants trimmed their positions, tracking weak demand in the spot market.
On the MCX, crude oil for August delivery declined by ₹3 or 0.05% to ₹6,049 per barrel in 9,579 lots.
Analysts said the prices were affected following participants’ offloading their holdings amid weak demand in the spot market.
Globally, West Texas Intermediate crude oil was…
Read More: Crude oil, copper gain; gold futures fall
