Copper Futures Rally as Strong Spot Demand Drives Commodity Surge

Copper prices on Thursday rose 0.3 per cent to Rs713.35 per kilogram in the futures market on the back of higher spot demand. On the Multi Commodity Exchange (MCX), copper contracts for delivery in February traded higher Rs2.15 or 0.3 per cent at Rs713.35 per kg in a business turnover of 5,607 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium prices inched up 0.2 per cent to Rs201.10 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for February delivery increased marginally by 40 paise or 0.2 per cent to Rs201.10 per kg in a business turnover of 3,639 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Cottonseed oil cake futures in focus

Cottonseed oil cake prices grew Rs23 to Rs2,461 per quintal in futures trade as speculators created fresh positions amid a higher demand. On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for February delivery traded higher by Rs23 or 0.93 per cent at Rs2,461 per quintal with an open interest of 41,240 lots. Marketmen said the raising of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Coriander futures rise

Coriander prices rose Rs44 to Rs7,802 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market. On NCDEX, coriander contracts for April delivery traded higher by Rs44 or 0.56 per cent at Rs7,802 per quintal with an open interest of 20,235 lots.