Commodity Watch: Copper futures gain on rising spot demand

Copper prices on Wednesday rose 1.02 per cent to Rs724.65 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 Rs7.35 or 1.02 per cent at Rs716.65 per kg in a business turnover of 1,577 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium prices climbed 0.5 per cent to Rs201.15 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 Re1 or 0.5 per cent to Rs201.15 per kg in a business turnover of 1,055 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Coriander futures in focus

Coriander prices rose Rs56 to Rs8,072 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market. On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for April delivery traded higher by Rs56, or 0.69 per cent, at Rs8,072 per quintal with an open interest of 20,355 lots. A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.

Guar seed futures further up

Guar seed prices rose Rs42 to Rs5,405 per 10 quintals in futures trade after speculators widened their positions following a firm trend in the spot market. On NCDEX, guar seed contracts for February delivery rose Rs42, or 0.78 per cent, to Rs5,405 per 10 quintals with an open interest of 67,760 lots.