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Commodity Watch: Rising spot demand propelling copper futures up

Commodity Watch

Commodity Watch

Copper prices on Tuesday rose 0.17 per cent to Rs716.60 per kilogram in the futures market on the back of higher spot demand. On the Multi Commodity Exchange (MCX), copper contracts for delivery in January traded higher by Rs1.20 or 0.17 per cent at Rs716.60 per kg in a business turnover of 5,886 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium prices climbed 0.25 per cent to Rs200.55 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for January delivery increased by 50 paise or 0.25 per cent to Rs200.55 per kg in a business turnover of 4,527 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Cottonseed oil futures decline

Cottonseed oil cake prices decreased Rs13 to Rs2,683 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for January delivery fell Rs13 or 0.48 per cent to Rs2,683 per quintal with an Open Interest of 4,750 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.

Guar seed futures fall amid ample supplies

Guar seed prices declined Rs7 to Rs5,493 per 10 quintals in the futures trade amid an increase in supply from producing regions. On NCDEX, guar seed contracts for January delivery plummeted Rs7 or 0.13 per cent to Rs5,493 per 10 quintals with an Open Interest of 1,880 lots.

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