Commodity Watch: Rising spot demand propels copper futures up

Copper prices on Tuesday rose 0.02 per cent to Rs716.10 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 15 paise or 0.02 per cent at Rs716.10 per kg in a business turnover of 5,254 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium futures climbed 0.33 per cent to Rs200.25 per kilogram as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for February delivery increased by 65 paise or 0.33 per cent to Rs200.25 per kg in a business turnover of 3,720 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Guar seed futures in focus

Guar seed prices rose Rs9 to Rs5,292 per 10 quintals in futures trade after speculators widened their positions following a firm trend in the spot market. On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for February delivery rose Rs9, or 0.17 per cent, to Rs5,292 per 10 quintals with an Open Interest of 39,700 lots. According to market men, speculators raised bets, tracking a firm trend in the spot market and thin supplies from growing belts mainly led to the rise in guar seed prices.

Coriander futures decline

Coriander prices eased Rs22 to Rs7,846 per quintal in futures trade as speculators reduced their positions amid a weak demand in the spot market. On NCDEX, coriander contracts for April delivery declined Rs 22, or 0.28 per cent, to Rs 7,846 per quintal in 20,025 lots. Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here.