Commodity Market Updates, November 6: Crude oil, copper, zinc futures surge on higher spot demand

Crude oil futures

Crude oil prices on Thursday, November 6, advanced by ₹15 to ₹5,326 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 ₹15 or 0.28% at ₹5,326 per barrel in 3,044 lots.

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

Globally, West Texas Intermediate crude was trading 0.62% higher at $59.99 per barrel, while Brent crude rose 0.55% to $63.87 per barrel in New York.

Aluminium futures

Aluminium prices rose 80 paise to ₹275 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 80 paise or 0.29% to ₹275 per kg in 378 lots.

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

Copper futures

Copper futures increased by 0.32% to ₹1,011.75 per kilogram due to higher spot demand.

On the MCX, copper contracts for December delivery grew by ₹3.25 or 0.32% to ₹1,011.75 per kg in a business turnover of 2,221 lots.

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

Zinc futures

Zinc prices surged by ₹1.20 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 ₹1.20 or 0.4% to ₹298.15 per kilogram with a business turnover of 581 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.