Commodity Watch: Muted demand for Copper futures

New Delhi: Copper futures on Tuesday fell Rs2.55 to Rs716.30 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 Rs2.55 or 0.35 per cent to Rs716.30 per kg in a business turnover of 5,243 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.

Fall in Aluminium futures

Aluminium futures declined 80 paise to Rs202.65 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 December fell by 80 paise or 0.39 per cent to Rs202.65 per kg in 3,353 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Zinc futures down

Zinc futures fell by 0.18 per cent to Rs225.95 per kilogram as speculators reduced their exposure, taking negative cues from the spot market. On MCX, zinc contracts for December delivery traded lower by 40 paise or 0.18 per cent at Rs225.95 per kg in 3,099 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Cottonseed oil cake futures rise on fresh bets

Cottonseed oil cake prices rose by Rs16 to Rs2,969 per quintal in futures trade as speculators created fresh positions amid higher demand. On the National Commodity and Derivatives Exchange (NCDEX), cottonseed oil cake for December delivery traded higher by Rs16 or 0.54 per cent at Rs2,969 per quintal with an Open Interest of 43,720 lots. Marketmen said participants created new positions amid increasing demand for cattle feed that mainly influenced cottonseed oil cake prices.