Commodity Watch: Copper futures gain on higher demand

New Delhi: Copper prices on Thursday rose 0.23 per cent to Rs 721.30 per kilogram in the futures market on the back of higher spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in December traded higher by Rs 1.65 or 0.23 per cent at Rs 721.30 per kg in a business turnover of 5,235 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium prices on Thursday climbed 0.2 per cent to Rs 202.90 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On the Multi Commodity Exchange, aluminium contracts for December delivery increased by 40 paise or 0.2 per cent to Rs 202.90 per kg in a business turnover of 3,648 lots. Analysts said fresh positions created by traders amid a demand from consuming industries supported aluminium prices in the futures market.

Cottonseed oil futures decline on soft demand

Cottonseed oil cake prices on Thursday fell Rs 20 to Rs 2,981 per quintal in futures trade as participants reduced their bets following weak trends in spot markets.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for December delivery declined Rs 20 or 0.67 per cent to Rs 2,981 per quintal with an open interest of 41,220 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.

Guar gum futures fall on low demand

Guar gum prices on Thursday dropped Rs 101 to Rs 11,455 per five quintals in the futures market as traders offloaded their holdings in line with a weak trend in the spot market.

On the National Commodity and Derivatives Exchange, guar gum for December delivery fell Rs 101 or 0.88 per cent to Rs 11,455 per five quintals in 34,870 lots. Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.