Commodity Market Updates, November 14: Crude oil futures rise; Copper, Zinc slump on muted demand

Crude oil futures

Crude oil prices on Friday, November 14, surged by ₹65 to ₹5,309 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 ₹65 or 1.24% at ₹5,309 per barrel in 10,522 lots.

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

Globally, West Texas Intermediate crude was trading 1.70% higher at $59.69 per barrel, while Brent crude rose 1.59% to $64.01 per barrel in New York.

Aluminium futures

Aluminium prices declined by ₹1.20 to ₹274.60 per kilogram in the futures trade, as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in December fell by ₹1.20, or 0.44%, to ₹274.60 per kg in 866 lots.

Analysts said the cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Copper futures

Copper futures fell by ₹1.45 to ₹1,019.50 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 ₹1.45 or 0.14% to ₹1,019.50 per kilogram in a business turnover of 3,548 lots.

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

Zinc futures

Zinc prices slumped 0.23% to ₹300.20 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 70 paise or 0.23% at ₹300.20 per kg in 772 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.

Guar seed futures

Guar seed prices increased by ₹17 to ₹4,701 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 by ₹17 or 0.36% to ₹4,701 per quintal with an open interest of 52,230 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 on Friday rose by ₹33 to ₹8,477 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 ₹33, or 0.39%, at ₹8,477 per quintal with an open interest of 47,920 lots.

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

Cottonseed oil cake futures

Cottonseed oil cake prices declined by ₹7 to ₹2,915 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 ₹7 or 0.24% at ₹2,915 per quintal with an open interest of 17,900 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 increased by ₹28 to ₹8,592 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 ₹28 or 0.33% to ₹8,592 per quintal in 17,785 lots.

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