Commodity Market Updates, October 30: Crude oil, Aluminium, Copper, Zinc futures slump

Crude oil futures

Crude oil futures on Thursday, October 30, declined by ₹32 to ₹5,340 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 ₹32, to ₹5,340 per barrel in 14,105 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 0.48% lower at $60.19 per barrel, while Brent Crude fell 0.46% to $64.62 per barrel in New York.

Aluminium futures

Aluminium prices slipped by ₹2.30 to ₹269.90 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 ₹2.30 or 0.84% to ₹269.90 per kg in 4,050 lots.

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

Copper futures

Copper futures fell ₹6.40 to ₹1,015 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 ₹6.40 or 0.63% to ₹1,015 per kilogram in a business turnover of 8,589 lots.

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

Zinc futures

Zinc prices slumped 0.46% to ₹300.15 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 ₹1.40 or 0.46% at ₹300.15 per kg in 2,839 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 cake futures

Cottonseed oil cake prices declined by ₹2 to ₹2,937 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 ₹2 or 0.07% at ₹2,937 per quintal with an open interest of 17,900 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 ₹80 to ₹8,238 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 by ₹80 or 0.97% to ₹8,238 per quintal in 10,150 lots.

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

Guar gum futures

Guar gum prices rose by ₹21 to ₹8,633 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 ₹21 or 0.24% at ₹8,633 per quintal, with an open interest of 33,080 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 ₹6 to ₹4,760 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 ₹6 or 0.13% to ₹4,760 per quintal with an open interest of 40,575 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.