Commodity Market Updates, December 10: Crude oil, copper, aluminium futures advance

Crude oil futures

Crude oil prices on Wednesday, December 10, surged by ₹13 to ₹5,274 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 ₹13 or 0.25% at ₹5,274 per barrel in 5,167 lots.

The rise of bets by participants kept crude oil prices higher in futures trade, according to analysts, as quoted by a PTI report.

Globally, West Texas Intermediate crude was trading 0.22% higher at $58.38 per barrel, while Brent crude rose 0.21% to $62.07 per barrel in New York.

Copper futures

Copper futures rose 0.8% to ₹1,097.40 per kilogram due to higher spot demand.

On the MCX, copper contracts for January delivery grew by ₹8.70 or 0.8% to ₹1,097.40 per kg in a business turnover of 2,210 lots.

Analysts attributed the rise in copper prices to higher bets by participants, according to a PTI report.

Zinc futures

Zinc prices increased by ₹1.80 to ₹308.05 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for January delivery traded higher by ₹1.80 or 0.59% to ₹308.05 per kilogram with a business turnover of 764 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, as per a PTI report.

Aluminium futures

Aluminium prices advanced by ₹1.95 to ₹279.95 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 ₹1.95 or 0.7% to ₹279.95 per kg in 835 lots.

According to PTI, analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.