Commodity Market Updates, October 17: Crude oil, Zinc, Copper, Aluminium futures decline

Here is how different commodity futures were trading on October 17.

Crude oil futures

Crude oil futures on Friday, October 17, fell by ₹22 to ₹5,044 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 declined by ₹22 or 0.43% to ₹5,044 per barrel in 6,304 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 0.40% lower at $57.23 per barrel, while Brent Crude fell 0.38% to $60.80 per barrel in New York.

Zinc futures

Zinc prices declined 0.39% to ₹287.45 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 ₹287.45 per kg in 1,269 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.

Copper futures

Copper futures fell ₹7.10 to ₹986.75 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 ₹7.10 or 0.71% to ₹986.75 per kilogram in a business turnover of 5,895 lots.

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

Aluminium futures

Aluminium prices slipped by ₹1.10 to ₹265.75 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 ₹1.10 or 0.41% to ₹265.75 per kg in 1,521 lots.

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

Guar gum futures

Guar gum prices fell by ₹29 to ₹9,139 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), guar gum for November delivery declined by ₹29 or 0.32% to ₹9,139 per quintal in 50,810 lots.

Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.

Guar seed futures

Guar seed prices increased by ₹22 to ₹4,974 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 ₹22 or 0.44% to ₹4,974 per quintal, with an open interest of 49,125 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.

Cottonseed oil cake futures

Cottonseed oil cake prices fell by ₹16 to ₹2,888 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 ₹16 or 0.55% at ₹2,888 per quintal, with an open interest of 15,830 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 ₹8 to ₹8,136 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 ₹8 or 0.10% to ₹8,136 per quintal in 12,275 lots.

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