Commodity market: Crude oil futures advanced on the Multi-Commodity Exchange. Prices of industrial metals, including aluminium, copper, and zinc, also increased on Thursday.
Here is how different commodity futures were trading on October 23.
Crude oil futures
Crude oil prices on Thursday, October 23, rose by ₹200 to ₹5,351 per barrel in futures trade, as participants increased their positions following a firm spot demand.
On the Multi-Commodity Exchange (MCX), crude oil for November delivery traded higher by ₹200 or 3.88% at ₹5,351 per barrel in 17,430 lots.
Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude for the December contract was trading 3.30% higher at $60.42 per barrel, while Brent crude for the December contract rose 3.21% to $64.60 per barrel in New York.
Aluminium futures
Aluminium prices surged by ₹1.20 to ₹268.65 per kilogram in the futures trade as speculators built up fresh positions amid a positive trend in the spot market.
On the MCX, aluminium for delivery in November increased by ₹1.20 or 0.45% to ₹268.65 per kg in 2,096 lots.
Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.
Copper futures
Copper futures grew by 0.91% to ₹989.85 per kilogram due to higher spot demand.
On the MCX, copper contracts for November delivery increased by ₹8.95 or 0.91% to ₹989.85 per kg in a business turnover of 4,128 lots.
Analysts attributed the rise in copper prices to higher bets by participants.
Zinc futures
Zinc prices advanced by ₹3.45 to ₹299.05 per kilogram in futures trade amid a pick-up in spot demand.
On the MCX, zinc contracts for November delivery traded higher by ₹3.45 or 1.17% at ₹299.05 per kg, with a business turnover of 1,375 lots.
Marketmen said the widening of positions by participants, following a pick-up in demand from consuming industries, kept zinc prices higher in the futures trade.
Guar seed futures
Guar seed prices increased ₹48 to ₹4,946 per quintal in the futures trade after speculators widened their positions amid a firm trend in the spot market.
On the National Commodity and Derivatives Exchange (NCDEX), guar seed contracts for November delivery rose ₹48 or 0.97% to ₹4,946 per quintal with an open interest of 47,300 lots.
According to marketmen, speculators raising bets, a firm trend in the spot market, and thin supplies from growing belts mainly led to the rise in guar seed prices.
Guar gum futures
Guar gum prices rose ₹118 to ₹9,052 per quintal in futures trade as speculators increased their holdings amid a firm spot demand.
On the NCDEX, guar gum contracts for November delivery traded higher by ₹118 or 1.30% at ₹9,052 per quintal with an open interest of 45,935 lots.
Analysts said after tracking a firm physical market trend, traders raised their bets,…
Read More: Crude oil, Aluminum, Copper futures advance
