Commodity Market Updates, Nov 21: Crude oil falls on Russia-Ukraine peace push; Copper also slips

Crude oil futures

Crude oil prices on Friday, November 21, declined by ₹82 to ₹5,181 per barrel in futures trading, tracking weakness in global markets as a strong US dollar and renewed diplomatic moves for a Russia-Ukraine peace deal tempered the investor sentiment.

On the Multi-Commodity Exchange (MCX), crude oil for December delivery decreased by ₹82, or 1.56%, to ₹5,181 per barrel in a business turnover of 16,396 lots.

In the international markets, West Texas Intermediate (WTI) crude oil for January 2026 delivery was trading 1.17% lower at $58.32 per barrel, while Brent Crude for the January 2026 contract declined 1.03% at $62.73 a barrel in New York.

"Crude oil prices continued to decline, weighed down by a stronger US dollar index and Washington's renewed push for a Russia-Ukraine peace agreement. The dollar index remained firm above the 100 mark, restricting gains across commodities," a PTI report said, quoting Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd.

President Donald Trump has reportedly submitted a draft peace framework and urged his Ukrainian counterpart, Volodymyr Zelenskyy, to consider it, he stated.

"A potential ceasefire could lead to higher Russian oil flows into global markets, exerting fresh pressure on crude prices," Kalantri said.

"However, expectations of Chinese stimulus for the housing sector and the reopening of the US government are likely to support oil demand, offering some cushion at lower levels. We expect crude oil prices to remain volatile," he added.

Copper futures

Copper future prices fell by ₹3.45 to ₹1,001.30 per kilogram amid subdued demand and a cautious tone in global markets.

On the MCX, copper futures for the December expiry dipped by ₹3.45, or 0.34%, to ₹1,001.30 per kg in a business turnover of 6,895 lots.

Analysts attributed the decline in copper prices to lower bets by participants.

The Chilean copper agency, Cochilco, raised its price forecast for the current year and the next, citing global supply disruptions, a weaker dollar, and lower interest rates. Chile is the world’s biggest copper producer.

Copper prices were also under pressure in the global markets. On the London Metals Exchange (LME), the red metal futures fell by $46.90, or 0.44%, to $10,680.70 per tonne, while Comex copper futures slipped by 0.28% to $4.94 a pound.

Aluminium futures

Aluminium prices dipped by ₹2.45 to ₹266 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 ₹2.45, or 0.91%, to ₹266 per kg in a business turnover of 2,128 lots.

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

Zinc futures

Zinc prices eased by ₹2.10 to ₹295.25 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for December delivery declined by ₹2.10, or 0.71%, to ₹295.25 per kg in a business turnover of 1,844 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.

Coriander futures

Coriander prices climbed by ₹116 to ₹8,844 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for December delivery jumped by ₹116, or 1.31%, to ₹8,844 per quintal in 18,605 lots.

A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.