Commodity Watch: Copper futures gain on firm spot demand

New Delhi: Copper prices on Wednesday rose 0.4 per cent to Rs716.75 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 Rs2.85 or 0.4 per cent at Rs716.75 per kg in a business turnover of 6,274 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Fresh bets in aluminium futures

Aluminium prices climbed 0.07 per cent to Rs203.80 per kilogram in futures trade as speculatoRsbuilt up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for January delivery increased by 15 paise or 0.07 per cent to Rs203.80 per kg in a business turnover of 4,219 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 Rs9 to Rs2,702 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 Rs9 or 0.33 per cent to Rs2,702 per quintal with an open interest of 18,990 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.

Coriander futures in red

Coriander prices eased Rs88 to Rs6,978 per quintal in futures trade as speculators reduced their positions amid a weak demand in the spot market.