Commodity Market Updates, Jan 13: Crude oil futures rise on rising tensions in Iran; Copper falls

Crude oil futures

Crude oil prices on Tuesday, January 13, increased by ₹82 to ₹5,429 per barrel in futures trade, amid concerns about oil supply due to unrest in Iran.

On the Multi-Commodity Exchange (MCX), crude oil for February delivery traded higher by ₹82 or 1.53% at ₹5,429 per barrel in 9,075 lots.

Globally, West Texas Intermediate crude was trading 0.45% higher at $59.77 per barrel, while Brent crude rose 0.39% to $64.12 per barrel in New York.

The rise in crude oil prices comes due to supply concerns caused by the deadly unrest in Iran, with nationwide protests sparked by economic hardship and anger at the country’s leadership.

Furthermore, US President Donald Trump on Monday said the United States will impose sweeping new tariffs on countries that do business with Iran, threatening a 25% levy on all trade.

Copper futures

Copper futures for delivery in February declined by ₹4.45 or 0.33% to ₹1,328.50 per kilogram on the MCX.

Meanwhile, red metal contracts for March expiry stood at ₹1,343.95, marking a ₹4.80 or 0.36% slump.

Aluminium futures

Aluminium prices slipped by ₹1.40 to ₹320.55 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 February fell by ₹1.40 or 0.43% to ₹320.55 per kg in 3,018 lots.

The cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower, a PTI report quoted analysts as saying.

Zinc futures

Zinc prices rose slightly by ₹1.10 to ₹314.85 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 ₹1.10, or 0.35%, to ₹314.85 per kg with a business turnover of 1,931 lots.

Traders attributed the uptick 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.