Commodity Watch: Copper futures gain on rising spot demand

Copper prices on Tuesday rose 0.35 per cent to Rs716.70 per kilogram in the futures market on the back of higher spot demand. On the Multi Commodity Exchange (MCX), copper contracts for delivery in December traded higher by Rs2.50 or 0.35 per cent at Rs716.70 per kg in a business turnover of 4,684 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures up on fresh bets

Aluminium prices climbed 0.57 per cent to Rs195.20 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for December delivery increased by Rs1.10 or 0.57 per cent to Rs195.20 per kg in a business turnover of 4,740 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Zinc futures in focus

Zinc prices rose Rs2.10 to Rs219.25 per kilogram in the futures trade amid a pick-up in spot demand. On MCX, zinc contracts for December delivery traded higher by Rs 2.10 or 0.97 per cent at Rs 219.25 per kg with a business turnover of 4,178 lots. Marketmen said the widening of positions by participants, following a pick-up in demand from consuming industries kept zinc prices higher in the futures trade.

Cottonseed oil futures decline

Cottonseed oil cake prices on Tuesday fell Rs5 to Rs2,920 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 December delivery decreased Rs5 or 0.17 per cent to Rs2,920 per quintal with an Open Interest of 30,650 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.