Not just gold and silver: From guar gum to aluminium, here are top moves in commodity basket today

Commodity market update March 20, 2023: Guar seed prices declined by Rs 44 to Rs 5,487 per 10 quintals in the futures trade amid an increase in supply from producing regions. Zinc prices dropped by 0.54 per cent to Rs 256.05 per kilogram.

Aluminium prices fell Rs 1.20 to Rs 202.30 per kg in the futures market. Pic: Reuters

Commodity market update March 20, 2023: The broad trend in the commodities space was also bearish, akin to its equity counterpart. ZeeBiz.com brings a curate list of top commodity trends on Monday, March 20, 2023.

Guar seed futures decline amid ample supplies

Guar seed prices declined by Rs 44 to Rs 5,487 per 10 quintals in the futures trade amid an increase in supply from producing regions. On the National Commodity and Derivatives Exchange, guar seed contracts for April delivery fell by Rs 44 or 0.80 per cent to Rs 5,487 per 10 quintals with an open interest of 75,690 lots. Marketmen attributed the downward trend in guar seed prices to increasing supplies from growing regions.

Guar gum futures fall on low demand

Guar gum prices fell by Rs 262 to Rs 11,301 per five quintal in the futures market as traders offloaded their holdings in line with a weak trend in the spot market. On the National Commodity and Derivatives Exchange, guar gum for March delivery declined by Rs 262 or 2.27 per cent to Rs 11,301 per five quintal in 380 lots. Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Zinc futures down on muted demand

Zinc prices dropped by 0.54 per cent to Rs 256.05 per kilogram in the futures trade as speculators reduced their exposure taking negative cues from the spot market. On the Multi Commodity Exchange (MCX), zinc contracts for March delivery traded lower by Rs 1.40 or 0.54 per cent at Rs 256.05 per kg in 2,699 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Aluminium futures fall on low demand

Aluminium prices fell Rs 1.20 to Rs 202.30 per kg in the futures market as participants trimmed their positions on a weak trend in the spot market. On the MCX, aluminium for delivery in March declined by Rs 1.20 or 0.59 per cent to Rs 202.30 per kg in 3,368 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Copper futures slip amid muted demand

Copper futures fell by Rs 4.45 to Rs 750.30 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the MCX, copper contracts for March delivery eased by Rs 4.45 or 0.59 per cent to Rs 750.30 per kg in a business turnover of 2,786 lots. Analysts said trimming of positions by speculators amid a muted demand in the spot market mainly dragged down copper prices in the futures trade.

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