Commodity Watch
New Delhi: Copper prices on Monday rose 0.1 per cent to Rs731.30 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 75 paise or 0.1 per cent at Rs731.30 per kg in a business turnover of 5,120 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.
Aluminium futures rise on fresh bets
Aluminium prices climbed 0.14 per cent to Rs 212.25 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 30 paise or 0.14 per cent to Rs 212.25 per kg in a business turnover of 5,066 lots.
Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.
Guar gum futures fall on low demand
Guar gum prices dropped Rs173 to Rs10,858 per five quintals in the futures market as traders offloaded their holdings in line with a weak trend in the spot market.
On the National Commodity and Derivatives Exchange (NCDEX), guar gum for January delivery fell Rs173 or 1.59 per cent to Rs10,858 per five quintals in 33,050 lots. Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.
Cottonseed oil futures decline
Cottonseed oil cake prices fell Rs40 to Rs2,762 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On NCDEX, cottonseed oil cake for January delivery decreased Rs40 or 1.45 per cent to Rs2,762 per quintal with an open interest of 36,980 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.
