Commodity Market Updates, Jan 14: Crude oil futures fall; Copper, Aluminium advance on MCX

Crude oil futures

Crude oil fell by ₹55 to ₹5,474 per barrel in the futures trade on Wednesday, January 14, breaking a four-day rally, amid weak global trends as oversupply concerns weighed on prices.

On the Multi-Commodity Exchange (MCX), crude oil futures for February delivery slipped by ₹55, or 0.99%, to ₹5,474 per barrel in a business turnover of 11,463 lots.

Globally, West Texas Intermediate crude oil was trading 0.29% lower at $60.97 per barrel, while Brent Crude fell 0.20% to $65.34 per barrel in New York.

As per media reports, Venezuela has resumed oil exports. This countered the fear of supply disruptions caused by the deadly protests in Iran.

Copper futures

Copper futures rose by ₹12.40 to ₹1,340.60 per kg due to higher spot demand.

On the MCX, copper contracts for February delivery grew by ₹12.40, or 0.93%, to ₹1,340.60 per kilogram in a business turnover of 6,557 lots.

Analysts attributed the rise in copper prices to higher bets by participants, according to a PTI report.

Aluminium futures

Aluminium prices advanced by 0.39% to ₹324.50 per kg in futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in February increased by ₹1.25, or 0.39%, to ₹324.50 per kilogram in 2,956 lots.

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

Zinc futures

Zinc prices gained by ₹3.75 to ₹317.85 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 ₹3.75, or 1.19%, to ₹317.85 per kg with a business turnover of 2,164 lots.

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