Commodity Market Updates, Dec 8: Crude oil futures gain; Copper, Zinc surge to record highs

Crude oil futures

Crude oil prices on Monday, December 8, surged by ₹14 to ₹5,435 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for January delivery traded higher by ₹14 or 0.26% at ₹5,435 per barrel in 2,694 lots.

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

Globally, West Texas Intermediate crude was trading 0.27% higher at $60.24 per barrel, while Brent crude rose 0.27% to $63.92 per barrel in New York.

Copper futures

Copper futures for December 31 delivery gained 0.97% to a fresh record high of ₹1,103.95 per kilogram on the MCX on Monday.

This rally was bolstered by supply concerns, including planned production cuts by Chinese smelters, lower output in Chile’s top producers in October, and a weakness in the dollar.

The surge in price also comes after exchange data showed a spike in copper orders from Taiwan and South Korea, along with the possibility of a supply shortage as traders diverted huge volumes to the US due to fears of possible import tariffs.

Similarly, red metal contracts for the January expiry also advanced to an all-time high of ₹1,111.50 per kilogram.

Zinc futures

Zinc futures for December delivery soared 1.09% to an all-time high of ₹314 per kilogram on the MCX.

Similarly, zinc for the January expiry also advanced to a record high of ₹309.40 per kilogram, up by 0.95%.

Aluminium futures

Aluminium prices advanced by ₹1.10 to ₹282.60 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 January increased by ₹1.10 or 0.39% to ₹282.60 per kg in 515 lots.

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