Commodity Market Updates, November 11: Crude oil, Copper futures fall on weak demand; Aluminium rises

Crude oil futures

Crude oil futures on Tuesday, November 11, slipped by ₹15 to ₹5,326 per barrel as participants trimmed their positions amid weak demand in the spot market.

On the Multi-Commodity Exchange (MCX), crude oil for December delivery fell ₹15, or 0.28%, to ₹5,326 per barrel in 5,491 lots.

Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil was trading 0.53% lower at $59.81 per barrel, while Brent Crude fell 0.48% to $63.76 per barrel in New York.

Copper futures

Copper futures fell ₹2.10 to ₹1,017.25 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the December contract eased by ₹2.10, or 0.21%, to ₹1,017.25 per kilogram in a business turnover of 2,692 lots.

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

Aluminium futures

Aluminium prices rose 15 paise to ₹275.90 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 15 paise or 0.05% to ₹275.90 per kg in 529 lots.

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

Zinc futures

Zinc prices declined by 0.2% to ₹300.10 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 traded lower by 60 paise, or 0.2%, at ₹300.10 per kg in 670 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.

Cottonseed oil cake futures

Cottonseed oil cake prices rose ₹5 to ₹2,895 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded higher by ₹5 or 0.17% at ₹2,895 per quintal with an open interest of 16,890 lots.

Marketmen said the widening of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Coriander futures

Coriander prices increased by ₹78 to ₹8,300 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for December delivery climbed by ₹78 or 0.94% to ₹8,300 per quintal in 14,455 lots.

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

Guar gum futures

Guar gum prices slumped by ₹75 to ₹8,610 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 ₹75 or 0.87% to ₹8,610 per quintal in 40,950 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 slumped by ₹16 to ₹4,745 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for December delivery fell ₹16 or 0.34% to ₹4,745 per quintal with an open interest of 46,825 lots.

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