New Delhi: Copper futures witnessed a modest increase of 0.27%, reaching Rs 828 per kilogram on Friday, driven by strong demand in the spot market. On the Multi Commodity Exchange (MCX), copper contracts for October delivery rose by Rs 2.25, reflecting a total trading volume of 7,379 lots. Analysts attribute this uptick in copper prices to increased speculative activity and rising bets among market participants.
Aluminium Futures Gain Ground
In a parallel movement, aluminium futures also saw an upward trend, rising by Rs 2.50 to Rs 237.50 per kilogram. This increase corresponds to a 1.05% rise in the futures market as traders engaged in fresh positions amid a positive sentiment in the spot market. The MCX recorded 758 lots of aluminium for October delivery, indicating active trading. Analysts noted that the demand from consuming industries is significantly supporting the aluminium prices.
Summary
The rise in both copper and aluminium futures signals a responsive market influenced by strong spot demand and active trading strategies among participants. These trends highlight the ongoing dynamics within the commodities market, where shifts in demand and speculative trading can drive price movements. As traders continue to build positions, it will be crucial to monitor how these commodities perform in the coming days, especially in relation to broader economic indicators.
