Commodity Watch: Copper futures recover on higher spot demand

Copper prices on Friday rose 0.22 per cent to Rs 735.20 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 Rs 1.65 or 0.22 per cent at Rs 735.20 per kg in a business turnover of 4,591 lots. Analysts attributed the rise in copper prices to the raising of bets by participants.

Aluminium futures rise on fresh bets

Aluminium prices climbed 1.01 per cent to Rs205.55 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for January delivery increased by Rs2.05 or 1.01 per cent to Rs205.55 per kg in a business turnover of 3,375 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Cottonseed oil cake futures up

Cottonseed oil cake prices rose Rs44 to Rs2,705 per quintal in futures trade as speculators created fresh positions amid a higher demand. On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for January delivery traded higher by Rs44 or 1.63 per cent at Rs2,705 per quintal with an open interest of 47,140 lots. Marketmen said the raising of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.

Uptick in Guar gum futures

Guar gum prices increased Rs237 to Rs10,731 per five quintals in futures trade as speculators increased their holdings amid a firm spot demand. On NCDEX, guar gum contracts for December delivery traded higher by Rs237 or 2.21 per cent at Rs10,731 per five quintals with an open interest of 50,175 lots. Analysts said after tracking a firm physical market trend, traders raised their bets, which led to the rise in guar gum prices.