Commodity Market Updates, Nov 18: Crude oil futures fall on oversupply concerns; Copper extends losses

Crude oil futures

Crude oil prices on Tuesday, November 18, dropped by ₹54 to ₹5,278 per barrel, as weak trends in the overseas market and oversupply concerns prompted traders to trim their positions.

On the Multi-Commodity Exchange (MCX), crude oil for December delivery depreciated by ₹54, or 1.01%, to ₹5,278 per barrel in 11,479 lots.

Traders said the pullback in crude prices was largely driven by weak demand conditions in the international market and cautious trading ahead of key global supply data.

In the international markets, West Texas Intermediate (WTI) crude oil for December delivery was trading 0.82% lower at $59.42 per barrel, while Brent Crude for the January 2026 contract fell 0.75% to $63.72 per barrel.

Market participants said crude oil prices are likely to remain range-bound in the short term as traders are monitoring updates on supply projections and global macroeconomic data for further insights.

According to government data released on Monday, India’s crude oil imports dipped to $14.8 billion in October from $18.9 billion in the same month last year.

Copper futures

Copper prices extended their losing streak for the third consecutive day on Tuesday in futures trade as fading expectations of a rate cut by the US Federal Reserve in December dented investor sentiment.

On the MCX, copper futures for the December contract declined by ₹8.35, or 0.83%, to ₹1,001.40 per kilogram in a business turnover of 4,883 lots.

Traders said persistent weakness in copper prices was driven by uncertainty over the US monetary policy outlook and a lack of fresh macroeconomic data cues.

On the global front, Copper prices also remained under pressure. On the London Metals Exchange (LME), copper futures fell by $96.50, or 0.90%, to $10,682.75 per tonne. Similarly, Comex copper futures were quoting 0.45% lower to $4.96 per pound.

Zinc futures

Zinc prices fell 1.03% to ₹299 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for November delivery dipped by ₹3.10, or 1.03%, to ₹299 per kilogram in a business turnover of 2,782 lots.

Similarly, the December contract slipped by ₹2.30, or 0.78%, to ₹292.80 per kg in 1,104 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.

Aluminium futures

Aluminium prices slipped by ₹2.15 to ₹264.70 per kilogram in the futures trade, as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium contracts for December delivery fell by ₹2.15, or 0.81%, to ₹264.70 per kg in a business turnover of 2,243 lots.

Analysts said the cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.