Commodity Watch: Copper futures further slip

Copper futures on Wednesday fell Rs2.75 to Rs712.15 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 Rs2.75 or 0.41 per cent to Rs712.15 per kg in a business turnover of 4,679 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 in red

Aluminium prices declined 70 paise to Rs193.70 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 70 paise or 0.36 per cent to Rs193.70 per kg in 4,637 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries mainly kept aluminium prices lower.

Coriander futures rise on firm spot demand

Coriander prices rose Rs38 to Rs7,242 per quintal in futures trade as speculators increased their holdings, tracking a firm trend in the spot market. On the National Commodity and Derivatives Exchange (NCDEX), coriander contracts for December delivery traded higher by Rs38 or 0.52 per cent at Rs7,242 per quintal with an Open Interest of 4,470 lots. A firm trend in the spot market and restricted supplies from producing regions pushed up coriander prices, market analysts said.

Guar gum futures rise

Guar gum prices increased Rs37 to Rs10,753 per five quintals in futures trade as speculators increased their holdings amid a firm spot demand. On NCDEX, guar gum contracts for December delivery traded higher by Rs37 or 0.34 per cent at Rs10,753 per five quintals with an Open Interest of 5,630 lots. Analysts said after tracking a firm physical market trend, traders raised their bets, which led to the rise in guar gum prices.