On October 16, several key commodities saw upward movements in futures trading on the Multi Commodity Exchange (MCX), supported by stronger demand in the physical markets. Among the top gainers were crude oil, copper, and aluminium, while other commodities such as zinc, coriander, guar gum, and guar seed also recorded positive momentum. Only a few items, like cottonseed oil cake, experienced minor declines amid weaker spot trends.
Crude oil (November contract) rose by ₹26, or 0.51%, to ₹5,159 per barrel. Traders increased their positions after signs of firm demand in the spot market. Similarly, copper gained ₹1.90, or 0.19%, to ₹1,000.65 per kg, with speculators building fresh positions following strong spot demand. Aluminium futures edged up ₹0.35 (0.13%) to ₹266.75 per kg as market participants capitalized on positive trends in the physical market. Zinc also rose by ₹0.70 (0.24%) to ₹288.05 per kg amid increased buying interest.
Among agricultural commodities, coriander futures (November contract) rose ₹38, or 0.47%, to ₹8,126 per quintal, reflecting speculative buying tracking strong spot prices. Guar gum advanced ₹75 (0.82%) to ₹9,122 per quintal, while guar seed moved up ₹37 (0.74%) to ₹4,969 per quintal, both influenced by tight supply and solid demand. On the other hand, cottonseed oil cake (December contract) declined ₹6, or 0.21%, to ₹2,911 per quintal, as participants trimmed positions amid a weaker physical market trend.
Globally, crude prices also contributed to the upward momentum in Indian futures. West Texas Intermediate (WTI) crude traded around 1% higher at US$58.87 per barrel, while Brent crude rose approximately 0.94% to US$62.49 per barrel. These increases reinforced positive sentiment among Indian traders, driving futures prices higher.
Overall, the trading session highlighted that strong spot demand and global price trends continue to influence the Indian commodity market. Metals and energy products showed steady gains, while select agricultural commodities followed similar patterns, reflecting the tight supply-demand dynamics.