Commodity Market Updates, November 26: Crude oil, Aluminium futures advance on positive demand

Crude oil futures

Crude oil prices on Wednesday, November 26, increased by ₹41 to ₹5,207 per barrel in futures trade as participants increased their positions following a firm spot demand, driven by hopes of potential Federal Reserve easing.

However, advancements in the US-brokered peace talks between Russia and Ukraine weigh down the sentiments.

On the Multi-Commodity Exchange (MCX), crude oil for December delivery traded higher by ₹41 or 0.79% at ₹5,207 per barrel in 16,072 lots.

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

Globally, West Texas Intermediate crude was trading 0.41% higher at $58.19 per barrel, while Brent crude rose 0.38% to $62.72 per barrel in New York.

Aluminium futures

Aluminium prices rose by 55 paise to ₹268.70 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 by 55 paise or 0.21% to ₹268.70 per kg in 2,988 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 0.38% to ₹1,014.60 per kilogram due to higher spot demand.

On the MCX, copper contracts for December delivery grew by ₹3.80 or 0.38% to ₹1,014.60 per kg in a business turnover of 3,519 lots.

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

Zinc futures

Zinc prices surged by 80 paise to ₹298.15 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for December delivery traded higher by 80 paise or 0.27% to ₹298.15 per kilogram with a business turnover of 2,535 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.