Commodity watch: Gold, silver rise; sugar slides in futures trade

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NEW DELHI: Refined soya oil prices advanced 0.89 per cent to Rs 671.80 per 10 kg in futures trade today as participants built up fresh position after pick up in demand in the spot market against tight supplies.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in November rose by Rs 5.90, or 0.89 per cent, to Rs 671.80 per 10 kg, with an open interest of 58,530 lots.

Similarly, the oil for delivery in October gained Rs 5.20, or 0.79 per cent, to Rs 661.25 per 10 kg in 8,330 lots.

Analysts said fresh positions created by traders due to uptick in demand in the spot market against restricted supplies from producing regions mainly led to rise in refined soya oil prices at futures trade.

Sugar futures
Sugar prices drifted lower by 0.48 per cent to Rs 3,539 per quintal in futures trade today as speculators trimmed their positions, triggered by ample stocks position at spot market against muted demand.

At the National Commodity and Derivatives Exchange, sugar for delivery in December fell by Rs 17, or 0.48 per cent, to Rs 3,539 per quintal, with an open interest of 14,530 lots.

Analysts attributed the fall in sweetener prices at futures trade to sufficient stocks in the physical market following increased supplies from mills against subdued demand from bulk consumers.

Crude palm oil
Crude palm oil prices moved up by 1.35 per cent to Rs 517.90 per 10 kg in futures trading today as participants built up positions, tracking a firm trend at spot market on pick up in demand.

At the Multi Commodity Exchange, crude palm oil for delivery in November was trading higher by Rs 6.90, or 1.35 per cent, to Rs 517.90 per 10 kg, in a business turnover of 264 lots.

Similarly, the oil for delivery in November gained Rs 6.70, or 1.26 per cent, to Rs 539.60 per 10 kg in 292 lots.

Analysts said building-up of positions by speculators, driven by pick up in demand in the spot market against restricted supplies from producing belts mainly led to rise in crude palm oil prices at futures trade.

Silver
Silver prices were up by Rs 126 to Rs 42,835 per kg in futures trade today after participants raised their bets amid firming global trends.

At the Multi Commodity Exchange, silver for delivery in far-month March 2017 was up by Rs 126, or 0.30 per cent, to Rs 42,835 per kg, in a moderate business turnover of two lots.

Similarly, the white metal for delivery in December traded higher by Rs 84, or 0.20 per cent, to Rs 41,905 per kg, in a business volume of 710 lots.

Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.

Globally, silver traded 0.12 per cent higher at USD 17.40 an ounce in Singapore.

Gold
Gold prices were up by Rs 34 to Rs 29,690 per 10 gram in futures trade today as speculators created positions amid positive cues from the global market.

At the Multi Commodity Exchange, gold for delivery in December was up by Rs 34, or 0.11 per cent, to Rs 29,690 per 10 gram, in a business turnover of 682 lots.

The metal for delivery in far-month February next year was trading higher by Rs 33, or 0.11 per cent, to Rs 29,790 per 10 gram, in a turnover of seven lots.

Analysts said fresh positions built up by participants, tracking a firm trend in global market, influenced the precious metal in futures trade.

Meanwhile, gold rose 0.24 per cent to USD 1,253.90 an ounce in Singapore today.

Amid strong domestic as well as export demand in the spot market against tight stocks position, cardamom prices traded higher by 0.66 per cent to Rs 1,135 per kg in futures trade today as speculators enlarged positions.

Mentha oil
Mentha oil prices were higher over 1 per cent to Rs 923 per kg in futures market today as participants enlarged positions on the back of rising demand from consuming industries in the spot market.

Furthermore, tight stocks position in the physical market on fall in arrivals from producing belts fuelled the uptrend.

At the Multi Commodity Exchange, mentha oil for delivery in November rose by Rs 9.50, or 1.04 per cent, to Rs 923 per kg, in a business turnover of 130 lots.

Likewise, the oil for delivery in October traded higher by Rs 9.30, or 1.03 per cent, to Rs 914 per kg in 344 lots.

Analysts said widening of positions on the back of rising demand from consuming industries in the spot market against restricted supplies from Chandausi, mainly influenced mentha oil prices at futures trade.