Commodity Watch: Copper futures rebound on spot demand

New Delhi: Copper prices on Wednesday rose 0.48 per cent to Rs716.45 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 Rs3.45 or 0.48 per cent at Rs716.45 per kg in a business turnover of 5,489 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures fall

Aluminium prices declined 80 paise to Rs197.80 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 December fell by 80 paise or 0.4 per cent to Rs197.80 per kg in 4,501 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures rise

Zinc prices rose Rs2.15 to Rs220.80 per kilogram in the futures trade amid a pick-up in spot demand. On MCX, zinc contracts for December delivery traded higher by Rs2.15 or 0.98 per cent at Rs220.80 per kg with a business turnover of 4,501 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.

Fresh bets on Cottonseed oil cake futures

Cottonseed oil cake prices rose Rs38 to Rs2,897 per quintal in futures trade as speculators created fresh positions amid higher demand. On National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded higher by Rs38 or 1.31 per cent at Rs2,897 per quintal with an open interest of 38,000 lots. Marketmen said the raising of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.