Commodity Watch: Copper futures slip as speculators slash positions

New Delhi: Copper futures on Monday fell Rs2.40 to Rs723.25 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for December delivery eased by Rs2.40 or 0.33 per cent to Rs723.25 per kg in a business turnover of 4,388 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 climbed 0.35 per cent to Rs203.55 per kilogram in futures trade as speculators built up fresh positions amid a positive trend in the spot market. On MCX, aluminium contracts for December delivery increased by 70 paise or 0.35 per cent to Rs203.55 per kg in a business turnover of 2,827 lots. Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.

Coriander futures decline

Coriander prices eased Rs258 to Rs7,530 per quintal in futures trade as speculators reduced their positions amid a weak demand in the spot market. On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for December delivery declined Rs258 or 3.43 per cent to Rs7,530 per quintal in 590 lots. Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here.

Guar gum futures fall

Guar gum prices dropped Rs243 to Rs10,847 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 January delivery fell Rs243 or 0.34 per cent to Rs10,847 per five quintals in 255 lots. Marketmen said slackness in demand in the spot market and ample supplies from growing regions put pressure on guar gum prices.