Commodity Market Updates, November 27: Crude oil, Copper rise; Aluminium futures decline

Crude oil futures

Crude oil prices on Thursday, November 27, jumped by ₹28 to ₹5,221 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 ₹28 or 0.54% at ₹5,221 per barrel in 15,793 lots.

Analysts said that participants raising bets kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.51% lower at $58.35 per barrel, while Brent crude fell 0.52% to $62.80 per barrel in New York.

Copper futures

Copper futures rose 0.08% to ₹1,021.45 per kilogram due to higher spot demand.

On the MCX, copper contracts for December delivery grew by 80 paise or 0.08% to ₹1,021.45 per kg in a business turnover of 8,691 lots.

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

Aluminium futures

Aluminium prices declined by 20 paise to ₹272 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 20 paise or 0.07% to ₹272 per kg in 3,334 lots.

Analysts said that the participants cutting down positions due to easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures

Zinc prices eased by 0.1% to ₹300.90 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 30 paise or 0.1% at ₹300.90 per kg in 2,748 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.