Commodity Market Updates, Jan 8: Crude oil futures rise; Copper, Aluminium slump amid muted demand

Crude oil futures

Crude oil prices on Thursday, January 8, increased by ₹19 to ₹5,086 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for February delivery traded higher by ₹19 or 0.37% at ₹5,086 per barrel in 6,316 lots.

Participants raising the bets kept crude oil prices higher in futures trade, as per a PTI report, which quoted analysts.

Globally, West Texas Intermediate crude was trading 0.41% higher at $56.22 per barrel, while Brent crude rose 0.43% to $60.22 per barrel in New York.

Copper futures

Copper futures slumped by ₹31.60 to ₹1,295.05 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the February contract eased by ₹31.60 or 2.38% to ₹1,295.05 per kilogram in a business turnover of 5,858 lots.

A PTI report quoted analysts as saying that lower bets by participants led to the decline in copper prices.

Aluminium futures

Aluminium prices declined by ₹5.35 to ₹308.15 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 ₹5.35 or 1.71% to ₹308.15 per kg in 1,219 lots.

The cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower, analysts told PTI.

Zinc futures

Zinc prices fell by ₹3.45 to ₹307.05 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for February delivery slipped by ₹3.45 or 1.11% to ₹307.05 per kg in a business turnover of 929 lots.

The trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices, as per analysts cited by PTI.