Commodity Market Updates, January 30: Crude oil futures fall; Copper, Aluminum also decline on MCX

Crude oil futures

Crude oil fell by ₹100 to ₹5,932 per barrel in the futures trade on Friday, January 30, amid weak global trends as oversupply concerns weighed on prices.

On the Multi-Commodity Exchange (MCX), crude oil futures for February delivery slipped by ₹100, or 1.66%, to ₹5,932 per barrel in a business turnover of 18,865 lots.

As per a PTI report, analysts said that prices fell after participants offloaded their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil was trading 1.70% lower at $64.31 per barrel, while Brent Crude fell 1.37% to $69.74 per barrel in New York.

Copper futures

Copper futures declined by ₹41.40 to ₹1,370.10 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 ₹41.40 or 2.93% to ₹1,370.10 per kilogram in a business turnover of 18,995 lots.

Analysts, as quoted in a PTI report, attributed the decline in copper prices to lower bets by participants.

According to a report by CNBC-TV18, CME, the financial derivatives exchange based in Chicago, has revised the margins on copper trades higher by 20%, after prices in the global markets hit a record high.

Aluminium futures

Aluminium prices slipped by ₹9.70 to ₹331.80 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 ₹9.70 or 2.84% to ₹331.80 per kg in 5,240 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 slumped by ₹2.74 to ₹331.40 per kg 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 ₹2.74, or 2.74%, to ₹331.40 per kilogram in a business turnover of 4,308 lots.

Analysts said the trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices, according to a PTI report.