Commodity Updates - Gold futures were trading lower during the morning trade in the domestic market on Thursday as participants trimmed their bets tracking weak cues in precious metals overseas as gains in equities and dollar strengthening curbed demand for the metal as a store of value. Further, decline in Gold prices at the futures trade was largely inline with a weak trend in precious metals in global markets. At the MCX, gold futures for August 2016 contract is trading at Rs 30,721 per 10 grams, down by 0.05 per cent, after opening at Rs 30,680, against a previous close of Rs 30,737. It touched the intra-day low of Rs 30,669.
Silver futures closed lower in the domestic market on Wednesday as speculators engaged in reducing their positions, tracking a weak trend in global markets. Analysts attributed the fall in silver at the futures trade to a weak trend in global markets as risk appetite returned to financial markets, pushing US stocks to a record on optimism about the economy’s strength and eroded the demand for haven assets. At the MCX, Silver futures for September 2016 contract closed at Rs 46,047, per 1 kg, down by 2.08 per cent after opening at Rs 46,947, against the previous closing price of Rs 47,024. It touched the intra-day low of Rs 45,951.
Copper futures were trading higher during the afternoon trade in the domestic market on Thursday as speculators wideneded their positions in the industrial metal amid surge in demand at the domestic spot markets. However, the metal prices retreated in global markets on caution that supply will keep outpacing demand as data showed rising output in China, the biggest producer and user of refined metal. A stronger dollar also hit commodities priced in the currency. At the MCX, Copper futures for August 2016 contract is trading at Rs 338.50 per kg, up by 0.62 per cent, after opening at Rs 337.40, against a previous close of Rs 336.40. It touched the intra-day high of Rs 339.25.
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