Commodity Market Updates, December 9: Crude oil, Copper, Aluminium futures decline

Crude oil futures

Crude oil for January delivery eased by ₹20 or 0.38% at ₹5,310 per barrel in 981 lots on the Multi-Commodity Exchange (MCX) on Tuesday, December 9.

Crude oil contracts for the December expiry fell by ₹33 or 0.62% to ₹5,301 per barrel in 5,058 lots.

Globally, West Texas Intermediate crude was trading 0.32% lower at $58.69 per barrel, while Brent crude fell 0.29% to $62.31 per barrel in New York.

Copper futures

On the MCX, copper futures for December 31 delivery slumped by ₹13.70 or 1.25% to ₹1,083.35 per kilogram, a day after surging to a lifetime high of ₹1,103.95 per kilogram.

Similarly, red metal contracts for the January expiry declined by ₹12.75 or 1.15% to ₹1,092 per kg. On Monday, it had reached a record high of ₹1,111.50 per kg.

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

Aluminium futures

Aluminium prices declined by ₹2.90 to ₹277.90 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium futures for delivery in January fell by ₹2.90 or 1.03% to ₹277.90 per kg in 617 lots.

Analysts said that the cutting down of positions by participants due to easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures

Zinc prices fell by ₹3.25 to ₹306.15 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for the January expiry slipped by ₹3.25 or 1.05% to ₹306.15 per kg in a business turnover of 740 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.