Commodity Market Updates, Nov 7: Crude oil, Copper, Aluminium futures rise on higher spot demand

Crude oil futures

Crude oil prices on Friday, November 7, advanced by ₹48 to ₹5,310 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for November delivery traded higher by ₹48 or 0.91% at ₹5,310 per barrel in 12,112 lots.

Analysts said the rise in bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.50% higher at $59.73 per barrel, while Brent crude rose 0.46% to $63.66 per barrel in New York.

Aluminium futures

Aluminium prices rose slightly by 25 paise to ₹272 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 November increased 25 paise or 0.09% to ₹272 per kg in 3,134 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Copper futures

Copper futures increased 0.27% to ₹1,002.75 per kilogram on Friday due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹2.75 or 0.27% to ₹1,002.75 per kg in a business turnover of 9,722 lots.

Analysts attributed the rise in copper prices to higher bets by participants.

Zinc futures

Zinc prices rose ₹1.10 to ₹298.25 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for December delivery traded higher by ₹1.10 or 0.37% to ₹298.25 per kilogram, with a business turnover of 616 lots.

Marketmen said the widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher in the futures trade.

Cottonseed oil cake futures

Cottonseed oil cake prices declined by ₹8 to ₹2,925 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded lower by ₹8, or 0.27%, at ₹2,925 per quintal with an open interest of 17,770 lots.

Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.

Coriander futures

Coriander prices eased by ₹50 to ₹8,376 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for December delivery declined ₹50, or 0.60%, to ₹8,376 per quintal in 14,955 lots.

Market analysts said subdued demand in the spot market led to the decline in coriander prices here.

Guar gum futures

Guar gum prices fell by ₹34 to ₹8,719 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the NCDEX, guar gum for December delivery declined by ₹34 or 0.39% to ₹8,719 per quintal in 34,885 lots.

Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Guar seed futures

Guar seed prices declined by ₹13 to ₹4,797 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for December delivery fell ₹13 or 0.27% to ₹4,797 per quintal with an open interest of 40,635 lots.

Marketmen attributed the downward trend in guar seed prices to increasing supplies from growing regions.