Commodity Market Updates, Jan 12: Copper, Aluminium rise; Crude oil futures slip on weak global cues

Crude oil futures

Crude oil fell by ₹30 to ₹5,336 per barrel in the futures trade on Monday, January 12, amid weak global trends as oversupply concerns weighed on prices.

On the Multi-Commodity Exchange (MCX), crude oil futures for February delivery slipped by ₹30, or 0.56%, to ₹5,336 per barrel in a business turnover of 7,307 lots.

Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market, as per a PTI report.

Globally, West Texas Intermediate crude oil was trading 0.15% higher at $59.21 per barrel, while Brent Crude rose 0.17% to $63.45 per barrel in New York.

Copper futures

Copper futures advanced by ₹30.90 to ₹1,329.55 per kg due to higher spot demand.

On the MCX, copper contracts for February delivery grew by ₹30.90, or 2.38%, to ₹1,329.55 per kilogram in a business turnover of 6,053 lots.

A PTI report quoting analysts said that the rise in copper prices was due to higher bets by participants.

Aluminium futures

Aluminium prices gained nearly 0.09% to ₹321.95 per kg in futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the Multi Commodity Exchange, aluminium for delivery in February increased by 30 paise, or 0.09%, to ₹321.95 per kilogram in 2,521 lots.

The fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market, a PTI report quoted analysts as saying.

Zinc futures

Zinc prices rose slightly by ₹3.45 to ₹314 per kg in futures trade as traders stayed on the sidelines amid a lack of fresh triggers.

On the MCX, zinc contracts for February delivery edged up by ₹3.45, or 3.45%, to ₹314 per kg with a business turnover of 1,772 lots.

Traders attributed the slight rise in zinc futures to limited buying at lower levels, even as a lack of fresh triggers kept overall sentiment cautious, according to a PTI report.