Commodity Market Update, October 23: Crude oil, Aluminum, Copper futures advance

Here is how different commodity futures were trading on October 23.

Crude oil futures

Crude oil prices on Thursday, October 23, rose by ₹200 to ₹5,351 per barrel in futures trade, as participants increased their positions following a firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for November delivery traded higher by ₹200 or 3.88% at ₹5,351 per barrel in 17,430 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude for the December contract was trading 3.30% higher at $60.42 per barrel, while Brent crude for the December contract rose 3.21% to $64.60 per barrel in New York.

Aluminium futures

Aluminium prices surged by ₹1.20 to ₹268.65 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in November increased by ₹1.20 or 0.45% to ₹268.65 per kg in 2,096 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Copper futures

Copper futures grew by 0.91% to ₹989.85 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery increased by ₹8.95 or 0.91% to ₹989.85 per kg in a business turnover of 4,128 lots.

Analysts attributed the rise in copper prices to higher bets by participants.

Zinc futures

Zinc prices advanced by ₹3.45 to ₹299.05 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by ₹3.45 or 1.17% at ₹299.05 per kg, with a business turnover of 1,375 lots.

Marketmen said the widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher in the futures trade.

Guar seed futures

Guar seed prices increased ₹48 to ₹4,946 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for November delivery rose ₹48 or 0.97% to ₹4,946 per quintal with an open interest of 47,300 lots.

According to marketmen, speculators raising bets, a firm trend in the spot market, and thin supplies from growing belts mainly led to the rise in guar seed prices.

Guar gum futures

Guar gum prices rose ₹118 to ₹9,052 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for November delivery traded higher by ₹118 or 1.30% at ₹9,052 per quintal with an open interest of 45,935 lots.

Analysts said after tracking a firm physical market trend, traders raised their bets, which led to the rise in guar gum prices.

Coriander futures

Coriander prices increased by ₹26 to ₹8,014 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for November delivery climbed by ₹26 or 0.32% to ₹8,014 per quintal in 11,565 lots.

A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.

Cottonseed oil cake futures

Cottonseed oil cake prices fell ₹21 to ₹2,870 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for December delivery traded lower by ₹21 or 0.73% at ₹2,870 per quintal with an open interest of 16,930 lots.

Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.