Commodity Market Updates, November 10: Crude oil, Aluminum, Copper futures rise on firm spot demand

Crude oil futures

Crude oil prices on Monday, November 10 surged by ₹55 to ₹5,364 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for December delivery traded higher by ₹55 or 1.04% at ₹5,364 per barrel in 4,304 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.95% higher at $60.32 per barrel, while Brent crude rose 0.85% to $64.15 per barrel in New York.

Aluminium futures

Aluminium prices increased by ₹1.65 to ₹276.40 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 December advanced by ₹1.65 or 0.6% to ₹276.40 per kg in 573 lots.

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

Copper futures

Copper futures advanced 0.8% to ₹1,015.35 per kilogram due to higher spot demand.

On the MCX, copper contracts for December delivery grew by ₹8.05 or 0.8% to ₹1,015.35 per kg in a business turnover of 2,340 lots.

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

Zinc futures

Zinc prices rose by ₹1.90 to ₹300.40 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for December delivery traded higher by ₹1.90 or 0.64% to ₹300.40 per kilogram with a business turnover of 645 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.

Guar seed futures

Guar seed prices increased by ₹10 to ₹4,765 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for December delivery rose ₹10 or 0.21% to ₹4,765 per quintal with an open interest of 43,565 lots.

According to marketmen, speculators raising bets, a firm trend in the spot market, and thin supplies from growing belts mainly led to the rise in guar seed prices.

Guar gum futures

Guar gum prices fell by ₹7 to ₹8,639 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 ₹7 or 0.08% to ₹8,639 per quintal in 31,980 lots.

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

Coriander futures

Coriander prices eased by ₹18 to ₹8,308 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 ₹18, or 0.22%, to ₹8,308 per quintal in 15,640 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices declined by ₹21 to ₹2,913 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for December delivery traded lower by ₹21, or 0.72%, at ₹2,913 per quintal with an open interest of 16,200 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.