Commodity Market Updates, December 2: Crude oil, Aluminium surge; Copper futures decline

Crude oil futures

Crude oil prices on Tuesday, December 2, surged by ₹21 to ₹5,342 per barrel in futures trade as participants increased their positions following a firm spot demand and global uncertainty.

On the Multi-Commodity Exchange (MCX), crude oil for January delivery traded higher by ₹21 or 0.39% at ₹5,342 per barrel in 2,329 lots.

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

Globally, West Texas Intermediate crude was trading 0.15% higher at $59.41 per barrel, while Brent crude rose 0.08% to $63.21 per barrel in New York.

The Organisation of Petroleum Exporting Countries and its allies (OPEC+) confirmed its plan to pause supply for the first quarter or the first three-months of FY26. The decision was first announced at the beginning of the month.

Investors also assessed the risks of the mounting US-Venezuela tensions, along with the Ukrainian drone attacks on Russian oil tankers in the Black Sea.

Zinc futures

Zinc prices fell marginally to ₹305 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 5 paise or 0.02% to ₹305 per kg in a business turnover of 525 lots.

Analysts said the trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Aluminium futures

Aluminium prices rose by 20 paise to ₹277.25 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 went up by 20 paise or 0.07% to ₹277.25 per kg in a business turnover of 259 lots.

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

Copper futures

Copper futures declined by ₹5.15 to ₹1,053 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the January contract eased ₹5.15 or 0.49% to ₹1,053 per kilogram in a business turnover of 1,403 lots.

Analysts attributed the decline in copper prices to lower bets by participants.