Industry data showed US crude oil and gasoline inventories fell last week, while the US Energy Information Administration raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected.

Rising coronavirus cases across the United States and other countries fuelled fears of a pandemic resurgence, sending shockwaves through stock markets as the highly contagious Delta variant appeared to be taking hold.

On the Multi Commodity Exchange, copper contracts for delivery in August traded higher by Rs 4.20, or 0.58 per cent, to Rs 730 per kg in a business turnover of 4,517 lots.

On the National Commodity and Derivatives Exchange, guar seed contracts for August delivery was trading at Rs 4,586 down by Rs 49, or 1.06 per cent per 10 quintal with an open interest of 13,775 lots.

On the National Commodity and Derivatives Exchange, soybean contracts for August delivery fell Rs 540, or 6 per cent, to Rs 8,466 per quintal with an open interest of 8,730 lots.

The sharp sell-off was exacerbated by low liquidity, given holidays in Japan and Singapore, two of the main trading centres in the region. It's also likely that algorithmic trading triggered selling as pre-determined price levels were breached.

“On NCDEX, the guar seed prices have increased by 12% in the last one month to trade at Rs 4,630/quintal, while guar gum prices have jumped almost 20% to trade at Rs 7,663/quintal,” said Ritesh Sahu, analysts with the SMC Research.

Tapan Patel Commodity prices traded lower on Monday with bullion prices extending losses on Fed tapering expectations. Base metals and crude oil prices traded lower on demand growth worries on rising virus cases and China curbs. The broad strength in the dollar index kept pressure on commodities. Here is a look at how different commodities are behaving in today’s market. Outlook: BullionBullion prices traded firm on Tuesday with spot gold prices at COMEX trading near $1,734 per ounce while spot silver prices at COMEX trading over half a percent up at $23.60 per ounce in morning trade. The precious metals rebounded from recent lows but were still trading near five-month lows on heightened market expectations of Fed tapering and a stronger dollar. The dollar index traded near three-week high on follow-up buying after Friday's strong US job numbers. Gold prices have respected strong support range of $1,670-1,680 while silver got support from strong base metals. We expect bullion...

In the spot market, highest purity gold was sold at Rs 46,525 per 10 gram while silver was priced at Rs 64,186 per kg on Monday, according to the Indian Bullion and Jewellers Association.

Brent crude was up by 30 cents, or 0.4%, at $69.34 a barrel by 0106 GMT, after falling 2.3% on Monday. US oil was up by 43 cents, or 0.7, at $66.91 a barrel, having fallen by 2.6% in the previous session.

Gold prices languished near multi-month lows on Tuesday, hurt by a rise in US bond yields and a stronger dollar after robust US jobs data last week raised bets over the Federal Reserve tapering stimulus earlier than expected. FUNDAMENTALSSpot gold was little changed at $1,730.47 per ounce by 0039 GMT. On Monday, prices touched $1,684.37, their lowest since March 31. US gold futures edged 0.4% higher to $1,732.90 per ounce. The dollar index firmed near more than two-week high, making gold more expensive for holders of other currencies. US Treasury yields rose to a more than three week high as record-high job openings on top of stronger-than-expected employment gains in July added to the narrative of an improving labour market. Job openings, a measure of labour demand, shot up by 590,000 to a record high of 10.1 million on the last day of June, the US Labour Department reported in its monthly Job Openings and Labour Turnover Survey (JOLTS).

In market parlance, calendar spread is a trading strategy which involves the buying of a derivative of an asset in one month and selling the derivative in another month. It is mostly done in the case of futures contracts in commodity markets.

New Delhi: Gold in the national capital on Monday dipped Rs 317 to Rs 45,391 per 10 grams, in line with a fall in international precious metal prices, according to HDFC Securities. In the previous trade, gold closed at Rs 45,708 per 10 grams. Silver also tumbled Rs 1,128 to Rs 62,572 per kg, from Rs 63,700 per kg in the previous trade. In the international market, gold was trading lower at USD 1,749 per ounce and silver also dipped marginally to USD 23.91 per ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices extended decline following the sell-off occurred on Friday after stronger-than-expected US jobs market report." He added that the improved job numbers raised market expectations of sooner US Fed tapering despite of the US central bank's cautious approach. The dollar index rallied which dampened demand for precious metals, Patel said.

A United Nations panel's dire warning on climate change also added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month.

On the Multi Commodity Exchange, nickel contracts for the August delivery traded lower by Rs 31.50, or 2.16 per cent, to Rs 1,427.70 per kg with a business turnover of 1,627 lots.

On the Multi Commodity Exchange, copper contracts for the August delivery eased by Rs 9.15, or 1.25 per cent, to Rs 723.35 per kg in a business turnover of 4,419 lots.

On the National Commodity and Derivatives Exchange, soybean contracts for August delivery fell Rs 382, or 3.99 per cent, to Rs 9,197 per quintal with an open interest of 9,365 lots.

On the National Commodity and Derivatives Exchange, guar seed for August contracts increased by Rs 32, or 0.7 per cent, to Rs 4,630 per 10 quintal with an open interest of 16,950 lots.

On the National Commodity and Derivatives Exchange, coriander for August delivery went up Rs 132, or 1.85 per cent, to Rs 7,248 per quintal with an open interest of 2,480 lots.

Gold and silver continued to struggle in the Indian market today. The yellow metal is trading at its lowest level in the last one month, whereas silver has declined over Rs 2,000 during the period.

Gold skidded as much as 4.4% to a more than four-month low on Monday as robust US jobs data stoked fears that the Federal Reserve would raises rates quicker than expected, increasing the opportunity cost of holding non-interest bearing bullion. FUNDAMENTALSSpot gold fell 2.3% to $1,722.06 per ounce by 0048 GMT. Earlier in the session, prices touched $1,684.37, their lowest since March 31. US gold futures slipped 2.1% to $1,726.40. Gold prices broke below their bull-market defining trendline for the first time since 2019, fuelling significant stop-outs and melting gold's prices, TD Securities said in a note. US employers hired the most workers in nearly a year in July and continued to raise wages, giving the economy a powerful boost as it started the second half of what many economists believe will be the best year for growth in almost four decades. The data underscored remarks by Fed officials suggesting a sooner than anticipated roll-back of pandemic-era stimulus on the...

MELBOURNE: Oil prices dropped 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid $1.41, or 2%, to $69.29 a barrel by 0125 GMT, after having slumped 6% last week, their biggest weekly loss in four months. U.S. West Texas Intermediate (WTI) crude futures fell $1.32, or 1.9%, to $66.96 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months. "Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note. ANZ analysts pointed to new restrictions in China, the world's second largest oil consumer, as a major factor clouding the outlook for demand growth. The curbs include flight cancellations, warnings by 46 cities against travel, and limits on public transport...

Crude futures also came under pressure as the dollar strengthened after monthly US job growth came in higher than expected. A stronger dollar makes greenback-denominated oil more expensive for buyers in other currencies.