Commodity Watch: Copper futures further slip

New Delhi: Copper futures on Tuesday declined Rs4.55 to Rs715.65 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for December delivery eased by Rs4.55 or 0.63 per cent to Rs715.65 per kg in a business turnover of 5,191 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 under pressure

Aluminium prices on Tuesday declined Rs1.25 to Rs198.90 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 December fell by Rs1.25 or 0.62 per cent to Rs198.90 per kg in 4,239 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures down on easing speculation

Zinc prices on Tuesday fell by 0.59 per cent to Rs219.20 per kilogram in the futures trade as speculators reduced their exposure, taking negative cues from the spot market. On MCX, zinc contracts for December delivery traded lower by Rs1.30 or 0.59 per cent at Rs219.20 per kg in 4,565 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Guar seed futures rise on spot demand

Guar seed prices increased Rs24 to Rs5,471 per 10 quintals in futures trade after speculators widened their positions following a firm trend in the spot market. On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for December delivery rose Rs24 or 0.44 per cent to Rs5,471 per 10 quintals with an open interest of 40,935 lots. According to marketmen, speculators raised bets, tracking a firm trend in the spot market and thin supplies from growing belts mainly led to the rise in guar seed prices.