Commodity Market Updates, November 12: Crude oil futures fall on weak demand; Aluminium, Copper rise

Here is how different commodity futures were trading on November 12.

Crude oil futures

Crude oil futures on Wednesday, November 12, declined by ₹9 to ₹5,394 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 ₹9, or 0.17%, to ₹5,394 per barrel in 9,440 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 0.33% lower at $60.83 per barrel, while Brent Crude fell 0.31% to $64.96 per barrel in New York.

Aluminium futures

Aluminium prices rose slightly by 50 paise to ₹276.10 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 increased 50 paise or 0.18% to ₹276.10 per kg in 647 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 by 0.02% to ₹1,016 per kilogram due to higher spot demand.

On the MCX, copper contracts for December delivery grew by 20 paise or 0.02% to ₹1,016 per kg in a business turnover of 3,296 lots.

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

Zinc futures

Zinc prices were unchanged at ₹299.70 per kilogram in futures trade as traders kept to the sidelines amid weak demand trends in the spot market.

On the MCX, zinc contracts for December delivery traded steady at ₹299.70 per kg in 647 lots.

Market analysts said tepid demand from consuming industries in the physical market kept zinc prices unchanged.

Cottonseed oil cake futures

Cottonseed oil cake prices rose by ₹10 to ₹2,918 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 ₹10 or 0.34% at ₹2,918 per quintal, with an open interest of 18,860 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 ₹56 to ₹8,418 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 ₹56 or 0.67% to ₹8,418 per quintal in 16,690 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 fell by ₹46 to ₹8,473 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 ₹46 or 0.54% to ₹8,473 per quintal in 43,685 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 ₹18 to ₹4,695 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for December delivery fell by ₹18 or 0.38% to ₹4,695 per quintal with an open interest of 49,050 lots.

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