Commodity Market Updates, December 18: Crude oil futures rise; Copper, Aluminium decline

Crude oil futures

Crude oil prices on Thursday, December 18, increased by ₹10 to ₹5,091 per barrel in futures trade as participants increased their positions following firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for January delivery traded higher by ₹10 or 0.2% at ₹5,091 per barrel in 5,542 lots.

Analysts, as quoted by PTI, said that the rise of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.91% higher at $56.44 per barrel, while Brent crude rose 0.79% to $60.15 per barrel in New York.

Copper futures

Copper futures declined by ₹1.95 to ₹1,121.95 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the January contract eased by ₹1.95 or 0.17% to ₹1,121.95 per kilogram in a business turnover of 5,898 lots.

The decline in copper prices led to lower bets by participants, as per a PTI report, which cited analysts.

Aluminium futures

Aluminium prices fell by ₹1.15 to ₹283.70 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in January declined by ₹1.15 or 0.4% to ₹283.70 per kg in 2,283 lots.

Analysts, as per a PTI report, said that participants cutting down on positions due to easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures

Zinc prices slumped by ₹1.85 to ₹302.60 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for January delivery slipped by ₹1.85 or 0.61% to ₹302.60 per kg in a business turnover of 2,021 lots.

The trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices, according to a PTI report, which quoted analysts.