Commodity Market Updates, October 8: Copper, Crude oil futures surge, Aluminium falls

Crude Oil futures

Crude oil prices on Wednesday, October 8, advanced ₹54 to ₹5,515 per barrel in futures trade as participants increased their positions following firm spot demand.

On the Multi-Commodity Exchange (MCX), crude oil for November delivery traded higher by ₹54 or 0.99% at ₹5,515 per barrel in 4,244 lots.

Analysts said the rise in bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.89% higher at $62.28 per barrel, while Brent crude rose 0.79% to $65.97 per barrel in New York.

Copper futures

Copper futures rose 0.2% to ₹1,004 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹2.05 or 0.2% to ₹1,004 per kg in a business turnover of 1,643 lots.

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

Aluminium futures

Aluminium prices declined 20 paise to ₹264.05 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 20 paise or 0.08% to ₹264.05 per kg in 552 lots.

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

Zinc futures

Zinc prices soared 1% to ₹296.95 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by ₹1 or 1% to ₹296.95 per kilogram, with a business turnover of 567 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.

Coriander futures

Coriander prices eased by ₹58 to ₹8,604 per quintal in futures trade as speculators reduced their positions amid weak demand in the spot market.

On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for November delivery declined ₹58 or 0.67% to ₹8,604 per quintal in 9,185 lots.

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

Guar gum futures

Guar gum prices rose ₹131 to ₹8,782 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 ₹131 or 1.49% at ₹8,782 per quintal with an open interest of 34,985 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 ₹66 to ₹4,817 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 ₹66 or 1.37% to ₹4,817 per quintal, with an open interest of 41,380 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.