Commodity Market Updates, November 24: Crude oil, aluminium futures fall on weak demand; Zinc rises

Crude oil futures

Crude oil futures on Monday, November 24, declined by ₹2 to ₹5,195 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 ₹2, or 0.04%, to ₹5,195 per barrel in 16,200 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 0.07% lower at $58.02 per barrel, while Brent Crude fell 0.02% to $62.56 per barrel in New York.

Aluminium futures

Aluminium prices slipped by 10 paise to ₹268.65 per kilogram in futures trade, as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium contracts for December delivery fell by 10 paise, or 0.04%, to ₹268.65 per kg in a business turnover of 2,280 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 slumped by ₹2.80 to ₹1,009 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 ₹2.80, or 0.28%, to ₹1,009 per kilogram in a business turnover of 7,093 lots.

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

Zinc futures

Zinc prices advanced by 75 paise to ₹299 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for December delivery traded higher by 75 paise or 0.25% to ₹299 per kilogram with a business turnover of 2,216 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 ₹4,702 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 ₹10 or 0.21% to ₹4,702 per quintal with an open interest of 53,485 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 ₹22 to ₹8,518 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 ₹22, or 0.26%, at ₹8,518 per quintal with an open interest of 45,755 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 surged by ₹114 to ₹9,186 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 ₹114, or 1.24%, to ₹9,186 per quintal in 18,455 lots.

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