Commodity Market Updates, November 4: Crude oil, aluminium, copper futures ease amid muted demand

Crude oil futures

Crude oil futures on Tuesday, November 4, declined by ₹69 to ₹5,372 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 ₹69, or 1.27%, to ₹5,372 per barrel in 2,495 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 0.93% lower at $60.48 per barrel, while Brent Crude fell 0.92% to $64.29 per barrel in New York.

Aluminum futures

Aluminium prices fell by ₹2.50 to ₹273.95 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 ₹2.50, or 0.9%, to ₹273.95 per kg in 291 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 ₹9.50 to ₹1,006.55 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 ₹9.50, or 0.93%, to ₹1,006.55 per kilogram in a business turnover of 2,019 lots.

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

Zinc futures

Zinc prices slipped 0.46% to ₹300.70 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 ₹1.40, or 0.46%, at ₹300.70 per kg in 540 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.

Cottonseed oil cake futures

Cottonseed oil cake prices declined by ₹4 to ₹2,947 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded lower by ₹4, or 0.14%, at ₹2,947 per quintal with an open interest of 19,900 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 eased by ₹66 to ₹8,374 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for December delivery declined ₹66, or 0.66%, to ₹8,374 per quintal in 14,060 lots.

Market analysts said subdued demand in the spot market led to the decline in coriander prices here.

Guar gum futures

Guar gum prices rose by ₹47 to ₹8,795 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 ₹47, or 0.53%, at ₹8,795 per quintal with an open interest of 30,195 lots.

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

Guar seed futures

Guar seed prices on Tuesday increased by ₹23 to ₹4,828 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.

On the NCDEX, guar seed contracts for December delivery rose ₹23 or 0.48% to ₹4,828 per quintal with an open interest of 34,595 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.