Commodity Market Updates, October 31: Crude oil, Copper, Zinc fall; Aluminium futures rise

Crude oil futures

Crude oil futures on Friday, October 31, declined by ₹45 to ₹5,346 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 by ₹45 or 0.83% to ₹5,346 per barrel in 14,202 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 0.84% lower at $60.06 per barrel, while Brent Crude fell 0.72% to $64.53 per barrel in New York.

Copper futures

Copper futures fell ₹1.50 to ₹1,010.25 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 ₹1.50 or 0.15% to ₹1,010.25 per kilogram in a business turnover of 9,636 lots.

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

Aluminium futures

Aluminium prices rose 60 paise to ₹270.85 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 60 paise or 0.45% to ₹270.85 per kg in 3,846 lots.

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

Zinc futures

Zinc prices slipped 0.20% to ₹300.10 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 ₹1.15 or 0.20% at ₹300.10 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.

Cottonseed oil cake futures

Cottonseed oil cake prices declined by ₹15 to ₹2,968 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 ₹15 or 0.51% at ₹2,968 per quintal with an open interest of 19,170 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 increased by ₹78 to ₹8,222 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 ₹78 or 0.95% to ₹8,222 per quintal in 10,190 lots.

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

Guar gum futures

Guar gum prices rose by ₹62 to ₹8,649 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 ₹62 or 0.72% at ₹8,649 per quintal with an open interest of 29,055 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 ₹29 to ₹4,758 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 ₹29 or 0.61% to ₹4,758 per quintal with an open interest of 36,505 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.