Commodity Market Updates, January 21: Crude oil futures fall; Copper, Zinc advance on the MCX

Crude oil futures

Crude oil prices slipped by ₹30 to ₹5,487 per barrel in the futures trade on Wednesday, January 21, amid weak trends in the overseas markets.

On the Multi-Commodity Exchange (MCX), crude oil futures for February delivery fell by ₹30, or 0.54%, to ₹5,487 per barrel in a business turnover of 14,494 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 (WTI) crude oil was trading 1.31% lower at $59.57 per barrel, while Brent Crude fell 1.52% to $63.93 per barrel in New York.

Copper futures

Copper prices advanced by ₹8.60 to ₹1,294.25 per kg in the futures trade as investors built fresh positions amid tightening inventories and improved sentiment across base metals.

On the MCX, copper futures for January delivery rose by ₹8.60, or 0.67%, to ₹1,294.25 per kilogram in a business turnover of 12,695 lots.

The February contract of the red metal increased by ₹8.15, or 0.62%, to ₹1,325 per kg in 9,857 lots.

In the international markets, Comex copper futures for March delivery rose 0.86% to $5.87 per pound. On the London Metals Exchange (LME), the red metal futures appreciated by $148.55, or 1.16%, to $12,927.65 per tonne.

Zinc futures

Zinc prices edged up by ₹2.50 to ₹313.85 per kilogram in futures trade amid firm trends in the international markets.

On the MCX, zinc contracts for January delivery rose by ₹2.50, or 0.8%, to ₹313.85 per kilogram in a business turnover of 1,953 lots.

Similarly, the February contract increased by ₹3.50, or 1.11%, to ₹318.25 per kilogram in 3,395 lots.

As per a PTI report, quoting market participants, fresh buying by traders led to the uptick in domestic prices, tracking positive movements in global markets.

In the global markets, zinc futures on the London Metals Exchange (LME) gained $12.30, or 0.39%, to $3,191.20 per 25 metric tonne.

Analysts said the broader strength in base metals, buoyed by a softer US dollar and steady demand outlook from major consuming regions, helped lift zinc prices, the PTI report stated.

Aluminium futures

Aluminium prices rose ₹1.30 to ₹316.05 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in January increased by ₹1.30, or 0.41%, to ₹316.05 per kg in a business turnover of 1,993 lots.

The February contract also went up by ₹1.75, or 0.55%, to ₹319.15 per kg in 3,563 lots on the commodities bourse.

Analysts, as per a PTI report, said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.