MUMBAI: Commodities futures continued to trend lower as weak economic data dampen market sentiment. The US dollar strengthening against major currencies and sliding equity markets globally continue to prompt investors to liquidate positions in commodity futures.
Crude oil prices fell for the fourth day to below $75 per barrel after US fuel stockpile increased. West Texas Intermediate (WTI) crude oil fell $1.05 to $74.58 per barrel after slipping more than 8% in the second quarter, the first quarterly drop since 2008.
Gold turned choppy once again as investors waited for more clues to the state of the global economy after the stock markets recorded their worst quarter since the final three months of 2008.
Spot gold was quoted almost unchanged at $1,240.95 an ounce. The world's largest gold-backed exchange traded fund, SPDR Gold Trust, said its holdings were unchanged at a record 1,320.44 tonne.
Domestic commodity futures were largely lower tracking the global markets. The rupee hitting a 3-week low against the US dollar prevented commodities from falling sharply.
MCX crude oil futures for July was down over 0.8% to Rs 3,496 per barrel. MCX gold contract for August settlement was last quoted at Rs 18,846 per 10 gram. MCX silver July settlement was traded 0.3% lower at Rs 29,510 per kg.
