Commodity Watch: Copper futures reeling under pressure

New Delhi: Copper futures on Monday fell Rs1.60 to Rs727.90 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for February delivery eased by Rs1.60 or 0.22 per cent to Rs727.90 per kg in a business turnover of 4,523 lots. Analysts said trimming of positions by speculators amid a muted demand in the spot market mainly dragged down copper prices in the futures trade.

Aluminium futures rise on fresh bets

Aluminium prices on Monday climbed 0.47 per cent to Rs204 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for February delivery increased by 95 paise, or 0.47 per cent, to Rs204 per kg in a business turnover of 3,800 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Cottonseed oil futures in red

Cottonseed oil cake prices fell Rs52 to Rs2,554 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for February delivery fell Rs52 or 2.04 per cent to Rs2,554 per quintal with an open interest of 53,850 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.

Offloading in guar gum futures

Guar gum prices on Monday dropped Rs182 to Rs10,556 per five quintals in the futures market as traders offloaded their holdings in line with a weak trend in the spot market. On NCDEX, guar gum for February delivery fell Rs182, or 1.72 per cent, to Rs10,556 per five quintals in 40,540 lots.