Commodity Market Updates, November 3: Crude oil, Aluminium, Copper futures advance

Crude oil futures

Crude oil prices on Monday, November 3, rose by ₹32 to ₹5,454 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for November delivery traded higher by ₹32 or 0.59% at ₹5,454 per barrel in 15,062 lots.

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

Globally, West Texas Intermediate crude was trading 0.64% higher at $61.37 per barrel, while Brent crude rose 0.65% to $65.20 per barrel in New York.

Copper futures

Copper futures increased by 0.07% to ₹1,011.60 per kilogram, due to higher spot demand.

On the MCX, copper contracts for November delivery grew by 75 paise or 0.07% to ₹1,011.60 per kg in a business turnover of 9,527 lots.

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

Zinc futures

Zinc prices advanced by ₹3.05 to ₹301 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for December delivery traded higher by ₹3.05 or 1.02% to ₹301 per kilogram, with a business turnover of 460 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.

Aluminium futures

Aluminium prices surged by ₹1.55 to ₹276 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 November increased by ₹1.55 or 0.56% to ₹276 per kg in 229 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Guar seed futures

Guar seed prices declined by ₹28 to ₹4,823 per quintal in futures trade amid ample supplies.

On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for December delivery fell by ₹28 or 0.58% to ₹4,823 per quintal with an open interest of 31,875 lots.

Marketmen attributed the downward trend in guar seed prices to increasing supplies from growing regions.

Guar gum futures

Guar gum prices fell by ₹21 to ₹8,733 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the NCDEX, guar gum for December delivery declined by ₹21 or 0.24% to ₹8,733 per quintal in 27,500 lots.

Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Coriander futures

Coriander prices increased by ₹66 to ₹8,326 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 ₹66 or 0.79% to ₹8,326 per quintal in 13,970 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 rose by ₹1 to ₹2,954 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the NCDEX, cottonseed oil cake for December delivery traded higher by ₹1 or 0.03% at ₹2,954 per quintal with an open interest of 20,310 lots.

Marketmen said the widening of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.