Commodity Watch: Copper futures turn sluggish

Copper futures on Wednesday marginally fell 35 paise to Rs716.90 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for February delivery eased by 35 paise or 0.05 per cent to Rs716.90 per kg in a business turnover of 5,230 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 fall

Aluminium prices marginally declined Rs1.10 to Rs200.65 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 February marginally fell by Rs1.10 or 0.55 per cent to Rs200.65 per kg in 3,675 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Cottonseed oil futures decline

Cottonseed oil cake prices decreased Rs28 to Rs2,476 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 February delivery fell Rs28 or 1.13 per cent to Rs2,476 per quintal with an Open Interest of 45,610 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.

Guar gum futures rise

Guar gum prices increased Rs34 to Rs10,266 per five quintals in futures trade as speculators increased their holdings amid a firm spot demand. On NCDEX, guar gum contracts for February delivery traded higher by Rs34 or 0.33 per cent at Rs10,266 per five quintals with an Open Interest of 21,410 lots. Analysts said after tracking a firm physical market trend, traders raised their bets, which led to the rise in guar gum prices.