Commodity Market Updates, Jan 6: Crude oil futures fall amid US-Venezuela crisis; Copper, Zinc gain

Crude oil futures

Crude oil fell by ₹17 to ₹5,260 per barrel in the futures trade on Tuesday, January 6, amid the US-Venezuela crisis.

On the Multi-Commodity Exchange (MCX), crude oil futures for February delivery slipped by ₹17, or 0.32%, to ₹5,200 per barrel in a business turnover of 2,946 lots.

The US attacked Venezuela and captured its President Nicolás Maduro, with Donald Trump vowing to "run the country" until there is a "proper" transition of power during the weekend.

Globally, West Texas Intermediate crude oil was trading 0.31% lower at $58.14 per barrel, while Brent Crude fell 0.21% to $61.63 per barrel in New York.

Copper futures

Copper futures advanced by ₹19.05 to ₹1,350.80 per kilogram due to higher spot demand, tracking firm trends in the global markets amid continuous supply concerns.

On the MCX, copper contracts for February delivery grew marginally by ₹19.05, or 1.43%, to ₹1,350.80 per kilogram in a business turnover of 2,223 lots.

On the London Metal Exchange, copper surged to $13,000 per tonne for the first time as a mine outage in Chile was the latest trigger for the surge in the price of industrial metal.

Miners at Capstone Copper's Mantoverde copper and gold mine in northern Chile went on a strike on Friday after talks between the main union and the company on new labour contracts broke down.

The union said its 645 members began the strike at 8 a.m. local time (1100 GMT) after failing to reach an agreement late on Thursday. The union said negotiations fell apart after the company didn't agree to the union's final demands, which had an estimated cost of about $500,000 a year, representing about 0.03% of the company's projected income of $1.4 billion, according to a Reuters report.

Zinc futures

Zinc prices rose slightly by ₹3.50 to ₹313.60 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 ₹3.50, or 1.13%, to ₹313.60 per kg with a business turnover of 725 lots.

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, which cited traders as saying.

Aluminium futures

Aluminium prices gained by ₹4.90 to ₹314.70 per kilogram in the futures trade. On the MCX, aluminium for delivery in February fell by ₹4.90 or 1.58% to ₹314.70 per kg in 974 lots.

The contracts for the expiry on January 30 stood at ₹311.20 per kg, marking a ₹4.80 or 1.57% jump on the MCX.