Copper Futures Lose Momentum: A Slowdown in Commodity Watch

Copper futures on Wednesday fell 15 paise to Rs707.50 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 15 paise or 0.02 per cent to Rs707.50 per kg in a business turnover of 5,197 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 on low demand

Aluminium prices on Wednesday declined 40 paise to Rs199.70 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 fell 40 paise or 0.2 per cent to Rs199.70 per kg in 2,863 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Cottonseed oil cake futures rise on fresh bets

Cottonseed oil cake prices rose Rs18 to Rs2,438 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 Rs 18, or 0.74 per cent, at Rs 2,438 per quintal with an open interest of 18,770 lots. Marketmen said the raising of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Guar gum futures rise on firm spot demand

Guar gum prices increased Rs175 to Rs10,015 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 Rs175 or 1.75 per cent at Rs10,015 per five quintals with an Open Interest of 3,420 lots.