Commodity Watch: Copper futures rebound on surging spot demand

New Delhi: Copper prices on Thursday rose 0.11 per cent to Rs728.40 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 80 paise or 0.11 per cent at Rs728.40 per kg in a business turnover of 5,225 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures in red

Aluminium prices declined 60 paise to Rs206.60 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 January fell by 60 paise or 0.29 per cent to Rs206.60 per kg in 4,452 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Muted demand for zinc futures

Zinc prices fell by 0.59 per cent to Rs227.10 per kilogram in the futures trade as speculators reduced their exposure, taking negative cues from the spot market. On MCX, zinc contracts for January delivery traded lower by Rs1.35 or 0.59 per cent at Rs227.10 per kg in 4,236 lots. Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.