Copper Futures Surge Amid Increased Demand: A Commodity Watch Update

New Delhi: Copper prices on Wednesday rose 0.07 per cent to Rs735.25 per kilogram in the futures market on the back of higher spot demand. On the Multi Commodity Exchange, copper contracts for delivery in February traded higher by 50paise or 0.07 per cent at Rs735.25 per kg in a business turnover of 4,612 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium prices on Wednesday climbed 0.17 per cent to Rs205.45 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On the Multi Commodity Exchange, aluminium contracts for February delivery increased by 35paise or 0.17 per cent to Rs205.45 per kg in a business turnover of 3,703 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Zinc futures down on muted demand

Zinc prices on Wednesday fell 0.04 per cent to Rs227.55 per kilogram in the futures trade as speculators reduced their exposure, taking negative cues from the spot market. On the Multi Commodity Exchange, zinc contracts for February delivery traded lower by 10paise or 0.04 per cent at Rs227.55 per kg in 3,215 lots. Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Guar gum futures rise on firm demand

Guar gum prices on Wednesday increased Rs71 to Rs9,985 per five quintals in futures trade as speculators increased their holdings amid a firm spot demand. On the National Commodity and Derivatives Exchange, guar gum contracts for February delivery traded higher by Rs71 or 0.71 per cent at Rs9,985 per five quintals with an open interest of 32,325 lots.