Commodity Market Updates, December 11: Crude oil, Copper, Zinc futures surge on higher spot demand

Crude oil futures

Crude oil prices on Thursday, December 11, advanced by ₹30 to ₹5,285 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 ₹30 or 0.57% at ₹5,285 per barrel in 6,567 lots.

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

Globally, West Texas Intermediate crude was trading 0.36% higher at $58.24 per barrel, while Brent crude rose 0.40% to $61.96 per barrel in New York.

Copper futures

Copper futures rose 0.75% to ₹1,103.20 per kilogram due to higher spot demand.

On the MCX, copper contracts for January delivery grew by ₹8.25 or 0.75% to ₹1,103.20 per kg in a business turnover of 2,579 lots.

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

Aluminium futures

Aluminium prices gained ₹1.65 to ₹280.95 per kilogram in the domestic futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in January climbed by ₹1.65 or 0.59% to ₹280.95 per kilogram in a business turnover of 983 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market, as per a PTI report.

Zinc futures

Zinc prices increased by ₹1.90 to ₹307.80 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for January delivery traded higher by ₹1.90 or 0.62% to ₹307.80 per kilogram, with a business turnover of 790 lots.

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