Commodity Market Updates, December 17: Crude oil, Copper, Aluminium futures gain on MCX

Crude oil futures

Crude oil prices on Wednesday, December 17, increased by ₹25 to ₹5,096 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 ₹25 or 0.49% at ₹5,096 per barrel in 16,892 lots.

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

Globally, West Texas Intermediate crude was trading 1.59% higher at $56.15 per barrel, while Brent crude rose 1.56% to $59.84 per barrel in New York.

Copper futures

Copper futures rose 0.6% to ₹1,123.60 per kilogram due to higher spot demand.

On the MCX, copper contracts for January delivery grew by ₹6.65 or 0.6% to ₹1,123.60 per kg in a business turnover of 5,071 lots.

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

Aluminium futures

Aluminium prices advanced by 80 paise to ₹283.85 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 80 paise or 0.28% to ₹283.85 per kg in 1,529 lots.

A PTI report, citing analysts, said that the fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Zinc futures

Zinc prices gained 25 paise to ₹303.40 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for January delivery traded higher by 25 paise or 0.08% to ₹303.40 per kilogram with a business turnover of 1,756 lots.

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