Commodity Watch: Copper futures continue to rise on speculation

Copper prices on Thursday rose 0.21 per cent to Rs723.95 per kilogram in the futures market on the back of higher spot demand. On the Multi Commodity Exchange (MCX), copper contracts for delivery in January traded higher by Rs1.55 or 0.21 per cent at Rs723.95 per kg in a business turnover of 478 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures in red

Aluminium prices declined Rs1.25 to Rs201.90 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 Rs1.25 or 0.62 per cent to Rs201.90 per kg in 4,074 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 Rs15 to Rs2,608 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 Rs15 or 0.58 per cent to Rs2,608 per quintal with an open interest of 55,430 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.

Coriander futures turn sluggish

Coriander prices eased Rs48 to Rs8,088 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 Rs48, or 0.59 per cent, to Rs8,088 per quintal in 20,410 lots. Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here.