Yellow metal lifts others in commodity futures

MUMBAI: Gold gained in domestic markets on the back of a rally in international prices, with physical demand for the metal rising and a recovery of oil prices from near six-month lows. The combined bullion contracts on MCX registered a turnover of nearly Rs 1689.5 crore. The open interest for gold contracts was 20,309 kg, while the outstanding position for silver was 398,390 kg.

In the bullion segment, MCX gold for October closed at Rs 8,826 per 10 gm, up Rs 18 from the previous close. Silver for December closed at Rs 17,490 per kg, revealing a gain of Rs 204.

In the metals segment, MCX copper contracts registered a turnover of Rs 167.2 crore with 48, 47,000 kg as volumes; while zinc registered a turnover Rs 49.4 crore with 3,265 tonnes as volumes. Copper for November closed at Rs 344.9, up Rs 1.65.

In the energy segment, crude oil contracts showed a turnover of Rs 100.1 crore with open interest of 597,400 bbl.
Among agricultural commodities on the NCDEX, trading was high in chana, guarseed, pepper, urad desi, chilli and jeera.

At NCDEX, up to 5 pm total volumes were Rs 4,897 crore (one-way). “Urad and chana moved up again on news that some states like Gujarat may not impose stock limits on essential commodities,” said Atul Shah, head, commodities, Emkay Commodities.

Chana for October closed at Rs 3,163 from Rs 3,040 per quintal with a volume of 304,230 tonnes. Urad closed at Rs 3,559 from Rs 3,365 per quintal for October delivery. Volumes stood at 57,440 tonnes.

Mentha oil also hit the upper circuit of 4% in the September, October, November and December contracts. Mentha closed at Rs 707.20 per quintal from Rs 746.50 per kg. Chilli prices declined with the last of the export obligations nearing completion.