Commodity Market Updates, November 13: Crude oil futures fall; Aluminium, Copper surge on high demand

Here is how different commodity futures were trading on November 13.

Crude oil futures

Crude oil futures on Thursday, November 13, declined by ₹10 to ₹5,213 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 by ₹10, or 0.19%, to ₹5,213 per barrel in 10,100 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 0.17% lower at $58.40 per barrel, while Brent Crude fell 0.10% to $62.65 per barrel in New York.

Aluminium futures

Aluminium prices increased by 15 paise to ₹276.25 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 15 paise or 0.5% to ₹276.25 per kg in 790 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 0.48% to ₹1,025 per kilogram due to higher spot demand.

On the MCX, copper contracts for December delivery grew by ₹4.85 or 0.48% to ₹1,025 per kg in a business turnover of 3,263 lots.

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

Zinc futures

Zinc prices rose ₹1.70 to ₹302.90 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for December delivery traded higher by ₹1.70 or 0.56% to ₹302.90 per kilogram, with a business turnover of 663 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 ₹13 to ₹4,730 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 ₹13 or 0.27% to ₹4,730 per quintal, with an open interest of 51,475 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 rose by ₹11 to ₹8,580 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for December delivery traded higher by ₹11 or 0.13% at ₹8,580 per quintal, with an open interest of 46,395 lots.

Analysts said after tracking a firm physical market trend, traders raised their bets, which led to a rise in guar gum prices.

Coriander futures

Coriander prices advanced by ₹22 to ₹8,556 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 ₹22 or 0.26% to ₹8,556 per quintal in 17,485 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices declined by ₹17 to ₹2,941 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 ₹17 or 0.58% at ₹2,941 per quintal with an open interest of 17,520 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.