Commodity Watch: Sluggish demand for copper futures

New Delhi: Copper futures on Wednesday fell Rs4.35 to Rs725.50 per kilogram as participants cut their positions amid a muted demand in the domestic market. On the Multi Commodity Exchange (MCX), copper contracts for January delivery eased by Rs4.35 or 0.6 per cent to Rs725.50 per kg in a business turnover of 5,265 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

Aluminium prices declined Rs1.30 to Rs206.95 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 January fell by Rs1.30 or 0.62 per cent to Rs206.95 per kg in 4,618 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Coriander futures decline as speculation eases

Coriander prices eased Rs214 to Rs7,058 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 January delivery declined Rs214 or 3.03 per cent to Rs7,058 per quintal in 14,800 lots. Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here.

Cottonseed oil futures in red

Cottonseed oil cake prices decreased Rs12 to Rs2,717 per quintal in futures trade as participants reduced their bets following weak trends in spot markets. On NCDEX, cottonseed oil cake for January delivery fell Rs12 or 0.44 per cent to Rs2,717 per quintal with an open interest of 32,450 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.