Commodity Market Updates, October 14: Crude oil, Copper, Zinc futures decline

Here is how different commodity futures were trading on October 14.

Crude oil futures

Crude oil futures on Tuesday, October 14, declined by ₹43 to ₹5,248 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 ₹43 or 0.81% to ₹5,248 per barrel in 11,008 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 0.24% lower at $59.25 per barrel, while Brent Crude fell 0.46% to $63.03 per barrel in New York.

On Monday, the contract rose ₹96 to ₹5,342 per barrel in the domestic futures trade, tracking firm global cues as renewed tensions between the US and China stoked concerns over growth and supply chains.

Copper futures

Copper futures declined ₹16.30 to ₹991.75 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the November contract eased by ₹16.30 or 1.62% to ₹991.75 per kilogram in a business turnover of 3,797 lots.

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

Zinc futures

Zinc prices fell 0.36% to ₹292.10 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 ₹1.05 or 0.36% at ₹292.10 per kg in 1,463 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.

Aluminium futures

Aluminium prices slipped ₹1.10 to ₹266.10 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 by ₹1.10 or 0.41% to ₹266.10 per kg in 832 lots.

Analysts said the cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Cottonseed oil cake futures

Cottonseed oil cake prices rose ₹6 to ₹2,910 per quintal in futures trade as speculators created fresh positions amid higher demand.

On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded higher by ₹6 or 0.21% at ₹2,910 per quintal, with an open interest of 15,270 lots.

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

Coriander futures

Coriander prices eased by ₹46 to ₹8,288 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for November delivery declined ₹46 or 0.56% to ₹8,288 per quintal in 10,090 lots.

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

Guar gum futures

Guar gum prices increased by ₹92 to ₹9,258 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 ₹92 or 0.99% at ₹9,258 per quintal with an open interest of 49,205 lots.

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

Guar seed futures

Guar seed prices increased by ₹15 to ₹5,031 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 November delivery rose ₹15 or 0.30% to ₹5,031 per quintal, with an open interest of 49,095 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.