Commodity Market Updates, October 10: Copper futures recede from lifetime high; Crude oil falls

Crude oil futures

Crude oil futures on Friday, October 10, declined by ₹5 to ₹5,433 per barrel as participants trimmed their positions amid weak demand in the spot market.

On the Multi-Commodity Exchange (MCX), crude oil for November delivery fell ₹5, or 0.09%, to ₹5,433 per barrel in 5,336 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 0.26% lower at $61.35 per barrel, while Brent Crude fell 0.32% to $65.01 per barrel in New York.

Copper futures

Copper futures fell ₹4.85 to ₹1,004.95 per kilogram as participants reduced their positions amid muted demand in the domestic market, receding from its all-time high of ₹1,032.70, which it hit on Thursday.

On the MCX, copper futures for the November contract eased by ₹4.85 or 0.48% to ₹1,004.95 per kilogram in a business turnover of 777 lots.

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

Aluminium futures

Aluminium prices slipped ₹1.30 to ₹266.35 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 November fell ₹1.30 or 0.49% to ₹266.35 per kg in 721 lots.

Analysts said participants cut down positions on easing demand from consuming industries, which mainly kept aluminium prices lower.

Zinc futures

Zinc prices fell 0.39% to ₹293.30 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for November delivery traded lower by ₹1.15 or 0.39% at ₹293.30 per kg in 1,130 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 futures

Cottonseed oil cake prices declined by ₹6 to ₹2,911 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 ₹6 or 0.21% at ₹2,911 per quintal, with an open interest of 16,250 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 ₹54 to ₹8,494 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the NCDEX, coriander contracts for November delivery declined ₹54 or 0.64% to ₹8,494 per quintal in 9,260 lots.

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

Guar seed futures

Guar seed prices declined by ₹3 to ₹4,857 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for November delivery fell ₹3 or 0.06% to ₹4,857 per quintal with an open interest of 44,875 lots.

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

Guar gum futures

Guar gum prices rose ₹5 to ₹8,892 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.

On the NCDEX, guar gum contracts for November delivery traded higher by ₹5 or 0.06% at ₹8,892 per quintal with an open interest of 40,160 lots.

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