Commodity Market Updates, October 7: Copper, Crude oil futures soar; Aluminium declines

Crude oil futures

Crude oil prices on Tuesday, October 7, surged ₹8 to ₹5,486 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 ₹8 or 0.15% at ₹5,486 per barrel in 4,209 lots.

Analysts said that participants raising the bets kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.26% higher at $61.85 per barrel, while Brent crude rose 0.26% to $65.64 per barrel in New York.

Aluminium futures

Aluminium prices declined 25 paise to ₹263.15 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 25 paise or 0.09% to ₹263.15 per kg in 510 lots.

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

Copper futures

Copper futures advanced 0.59% to ₹1,001 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹5.85 or 0.59% to ₹1,001 per kg in a business turnover of 1,763 lots.

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

Zinc futures

Zinc prices surged marginally to ₹293.50 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by 5 paise or 0.02% to ₹293.50 per kilogram, with a business turnover of 739 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 fell ₹16 to ₹2,941 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 ₹16 or 0.54% at ₹2,941 per quintal with an open interest of 18,200 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 ₹36 to ₹8,614 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 ₹36 or 0.42% to ₹8,614 per quintal in 9,510 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 ₹10 to ₹8,780 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 ₹10 or 0.11% at ₹8,780 per quintal, with an open interest of 31,240 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 soared ₹4 to ₹4,821 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 ₹4 or 0.08% to ₹4,821 per quintal with an open interest of 35,670 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.