Gold and copper futures on the MCX platform moved in the opposite direction on the week ended on Friday with gold futures prices forging ahead on a strong global market. Copper futures contracts suffered a sharp setback and prices fell nearly 3.53% last week, as a bullish base metal complex and falling warehouse stocks extended support.
Gold in the international market regained mainly on a weak dollar and renewed fears over the scope of the credit crisis. Crude oil prices on Friday rose more than $5 to a record on concerns that Israel may be preparing to attack Iran, while a strike in Brazil and renewed militant activity in Nigeria threatened to cut supplies.
The active copper August contracts fell to Rs 355.75 per kg, down by 3.50% over the previous week. The open interest was 11,029 tonne and volume was 17,799 tonne.
The entire base complex was up and it supported the copper prices, said an analyst.
Warehouse stocks on the London Metal Exchange fell 725 tonne to 1, 24,125 tonne on Friday.
The July crude oil contracts remained firm at Rs 6,227 per barrel compared to the previous week. Total volume was 35.55 lakh barrels, while open interest was 9.19 lakh barrels. Crude oil for August delivery rose as much as $5.25, or 3.7%, to an all-time high of $146.90 a barrel on the New York Mercantile Exchange and was trading at $146.59 at 1:46 p.m. in London.
The active August gold contracts rose to Rs 13,179 per 10 gram, up by 194 per 10 gram over the previous week. Total volume was 20,542 kg. Open interest was 9,953 kg. Spot gold was at $962.60/963.60 an ounce in early trade on Friday, up from $944.10/945.30 late in New York on Thursday. Earlier it touched a session high of $967.60.
The active silver September contracts were traded higher at Rs 25,785 per kg, up by Rs 345 over the previous week. The open interest was 254 tonne and volume was 208 tonne.