Commodity Market Updates, October 16: Crude oil, Copper, Aluminium futures advance

Here is how different commodity futures were trading on October 16.

Crude oil futures

Crude oil prices on Thursday, October 16, rose by ₹26 to ₹5,159 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 ₹26 or 0.51% at ₹5,159 per barrel in 15,417 lots.

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

Globally, West Texas Intermediate crude was trading 1% higher at $58.87 per barrel, while Brent crude rose 0.94% to $62.49 per barrel in New York.

Copper futures

Copper futures increased by 0.19% to ₹1,000.65 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹1.90, or 0.19%, to ₹1,000.65 per kg in a business turnover of 5,586 lots.

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

Aluminium futures

Aluminium prices advanced by 35 paise to ₹266.75 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 35 paise, or 0.13%, to ₹266.75 per kg in 1,395 lots.

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

Zinc futures

Zinc prices surged 70 paise to ₹288.05 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by 70 paise or 0.24%, to ₹288.05 per kilogram with a business turnover of 1,298 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.

Coriander futures

Coriander prices increased by ₹38 to ₹8,126 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for November delivery climbed ₹38 or 0.47% to ₹8,126 per quintal in 12,825 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 fell ₹6 to ₹2,911 per quintal in futures trade as participants reduced their bets following weak trends in the spot market.

On the NCDEX, cottonseed oil cake for December delivery traded lower by ₹6 or 0.21% at ₹2,911 per quintal, with an open interest of 15,050 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.

Guar gum futures

Guar gum prices advanced by ₹75 to ₹9,122 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 ₹75 or 0.82% at ₹9,122 per quintal with an open interest of 51,675 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 ₹37 to ₹4,969 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 ₹37 or 0.74% to ₹4,969 per quintal, with an open interest of 50,200 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.