Commodity Watch: Higher spot demand for copper futures

Copper prices on Tuesday rose 0.54 per cent to Rs712.05 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 Rs3.85 or 0.54 per cent at Rs712.05 per kg in a business turnover of 5,859 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 0.17 per cent to Rs201.50 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 35 paise or 0.17 per cent to Rs201.50 per kg in a business turnover of 3,264 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Cottonseed oil cake futures up

Cottonseed oil cake prices grew Rs14 to Rs2,412 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 Rs14 or 0.58 per cent at Rs2,412 per quintal with an open interest of 26,930 lots. Marketmen said the raising of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Zinc futures rise on high demand

Zinc futures rose 55 paise to Rs209.15 per kilogram amid a pick-up in spot demand. On the MCX, zinc contracts for February delivery traded higher 55 paise or 0.26 per cent at Rs209.15 per kg with a business turnover of 4,965 lots.