Copper Futures Drop Due to Soft Demand: Commodity Update
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New Delhi: Copper futures on Thursday fell Rs4.25 to Rs735.05 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange, copper contracts for January delivery eased by Rs4.25 or 0.57 per cent to Rs735.05 per kg in a business turnover of 5,141 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 fall on low demand
Aluminium prices on Thursday declined 85paise to Rs211.20 per kilogram in the futures market as participants trimmed their positions on a weak trend in the spot market. On the Multi Commodity Exchange, aluminium for delivery in January fell by 85paise or 0.4 per cent to Rs211.20 per kg in 5,036 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.
Zinc futures down on muted demand
Zinc prices on Thursday dipped 0.45 per cent to Rs231.35 per kilogram in the futures trade as speculators reduced their exposure, taking negative cues from the spot market. On the Multi Commodity Exchange, zinc contracts for January delivery traded lower by Rs1.05 or 0.45 per cent at Rs231.35 per kg in 4,927 lots. Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.
Guar gum futures rise on firm demand
Guar gum prices on Thursday increased Rs60 to Rs10,915 per five quintals in futures trade as speculators increased their holdings amid a firm spot demand.
On the National Commodity and Derivatives Exchange, guar gum contracts for January delivery traded higher by Rs60 or 0.55 per cent at Rs10,915 per five quintals with an open interest of 39,785 lots.
