Commodity Watch: Aluminium futures fall as speculators trim positions

Aluminium prices on Monday declined Rs1.55 to Rs194.05 per kilogram in the futures market as participants trimmed their positions on a weak trend in the spot market. On the Multi Commodity Exchange (MCX), aluminium for delivery in December fell by Rs1.55 or 0.79 per cent to Rs194.05 per kg in 4,886 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Muted demand for Copper futures

Copper futures fell Rs2.95 to Rs718.80 per kilogram as participants cut their positions amid a muted demand in the domestic market. On MCX, copper contracts for December delivery eased by Rs2.95 or 0.41 per cent to Rs718.80 per kg in a business turnover of 4,606 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.

Coriander futures rise

Coriander prices rose Rs124 to Rs7,234 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 December delivery traded higher by Rs124 or 1.71 per cent at Rs7,234 per quintal with an open interest of 7,205 lots. A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.

Cottonseed oil futures decline on easing bets

Cottonseed oil cake prices fell Rs21 to Rs2,938 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On NCDEX, cottonseed oil cake for December delivery decreased Rs21 or 0.71 per cent to Rs2,938 per quintal with an Open Interest of 32,670 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.