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Commodity Watch: Muted demand for copper futures

Commodity Watch

Commodity Watch

Copper futures on Friday fell Rs4.75 to Rs722 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for February delivery eased by Rs4.75 or 0.65 per cent to Rs722 per kg in a business turnover of 4,858 lots. Analysts said trimming of positions by speculators amid a muted demand in the spot market mainly dragged down copper prices in the futures trade.

Aluminium futures fall

Aluminium prices declined Rs1.05 to Rs201.45 per kilogram in the futures market as participants trimmed their positions on a weak trend in the spot market. On MCX, aluminium for delivery in February fell by Rs1.05 or 0.52 per cent to Rs201.45 per kg in 3,849 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures down

Zinc prices on Friday fell 0.25 per cent to Rs220.35 per kilogram in the futures trade as speculators reduced their exposure, taking negative cues from the spot market. On the Multi Commodity Exchange, zinc contracts for February delivery traded lower by 55paise or 0.25 per cent at Rs220.35 per kg in 3,615 lots. Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Guar gum futures rise on firm speculation

Guar gum prices on Friday increased Rs59 to Rs10,256 per five quintals in futures trade as speculators increased their holdings amid a firm spot demand. On the National Commodity and Derivatives Exchange, guar gum contracts for March delivery traded higher by Rs59, or 0.58 per cent, at Rs10,256 per five quintals with an open interest of 30,970 lots.

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