Commodity Market Updates, December 30: Copper, Aluminium advance; Crude oil futures also rise

Crude oil futures

Crude oil prices on Tuesday, December 30, advanced by ₹12 to ₹5,252 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 ₹12 or 0.23% at ₹5,252 per barrel in 17,821 lots.

Globally, West Texas Intermediate crude was trading 0.02% higher at $58.17 per barrel, while Brent crude rose 0.02% to $61.95 per barrel in New York.

Copper futures

Copper futures for delivery in January climbed as much as 5.96% or ₹73.45 to an intraday high of ₹1,306.05 per kilogram on the MCX

Meanwhile, copper futures for delivery on December 31 gained as much as 4.85% to ₹1,260 per kilogram.

So far this year, copper prices have rallied by more than 50% and are poised for their biggest annual gain since 2009, supported by rising demand from technology and energy transition sectors and tariff-related uncertainties.

A JPMorgan report stated that the copper market has tightened significantly on the back of acute supply disruptions, sending prices soaring.

Aluminium futures

Aluminium prices rose by ₹3.90 to ₹294.10 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. The contract touched its record high of ₹1,392.95 per kilogram on the MCX on Monday.

On the MCX, aluminium for delivery in January increased by ₹3.90, or 1.34%, to ₹294.10 per kg in 4,495 lots.

According to a PTI report, 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 surged by ₹2.95 to ₹307.20 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for January delivery traded higher by ₹2.95 or 0.97% to ₹307.20 per kilogram with a business turnover of 5,247 lots.