Commodity Market Updates, October 24: Crude oil futures fall; Aluminium surges on supply jitters

Crude oil futures

Crude oil futures on Friday, October 24, declined by ₹24 to ₹5,413 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 ₹24, or 0.44%, to ₹5,413 per barrel in 14,749 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 0.39% lower at $61.55 per barrel, while Brent Crude fell 0.41% to $65.72 per barrel in New York.

US President Donald Trump's administration announced on Wednesday new "massive sanctions" against Russia's oil industry that are aimed at “moving Russian President Vladimir Putin to the negotiating table and bringing an end to Moscow's brutal war in Ukraine.”

"The sanctions against oil giants Rosneft and Lukoil followed months of calls from Ukrainian President Volodymyr Zelenskyy as well as bipartisan pressure on Trump to hit Russia with harder sanctions on its oil industry, the economic engine that has allowed Russia to continue to execute the grinding conflict even as it finds itself largely internationally isolated," said a report by AP.

Aluminium futures

Aluminium prices surged by 75 paise to ₹269.95 per kilogram in 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 75 paise, or 0.28%, to ₹269.95 per kgin 2,804 lots.

This comes after electricity-related problems at aluminium smelting facilities in Iceland and Mozambique intensified concerns over a potential European deficit in duty-free green P1020 aluminium in 2026, according to news reports.

"Sources told Fastmarkets in the week to Wednesday, October 22, that this is a growing worry. Icelandic aluminium smelter Nordural Grundartangi has reduced output by two-thirds. This includes the total shutdown of one of its two potlines due to an electrical equipment failure, operator Century Aluminium said on October 21," Fastmarkets reported.

Copper futures

Copper futures rose 0.72% to ₹1,004.15 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹7.15 or 0.72% to ₹1,004.15 per kg in a business turnover of 6,925 lots.

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

Zinc futures

Zinc prices advanced by ₹1.15 to ₹296.80 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by ₹1.15 or 0.39%, to ₹296.80 per kilogram with a business turnover of 1,451 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.

Cottonseed oil cake futures

Cottonseed oil cake prices rose by ₹2 to ₹2,853 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 ₹2 or 0.07% at ₹2,853 per quintal with an open interest of 17,400 lots.

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

Guar seed futures

Guar seed prices declined by ₹33 to ₹4,970 per quintal in futures trade amid ample supplies.

On the NCDEX, guar seed contracts for November delivery fell by ₹33 or 0.66% to ₹4,970 per quintal with an open interest of 46,735 lots.

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

Guar gum futures

Guar gum prices fell by ₹52 to ₹9,103 per quintal in the futures trade as traders offloaded their holdings in line with a weak trend in the spot market.

On the NCDEX, guar gum for November delivery declined by ₹52 or 0.57% to ₹9,103 per quintal in 44,415 lots.

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

Coriander futures

Coriander prices increased by ₹44 to ₹7,956 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market.

On the NCDEX, coriander contracts for November delivery climbed by ₹44 or 0.45% to ₹7,956 per quintal in 11,835 lots.

A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.