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Aluminium futures gained on Thursday as LME stocks dropped to a 15-year low and geopolitical situations such as the conflict between Russia and Ukraine and high power costs in Europe continue to influence the counter.
February aluminium futures were trading at ₹241.40 on the Multi Commodity Exchange (MCX) in the initial hour of Thursday morning against the previous close of ₹240.40, up by 0.42 per cent.
Aluminium stocks have declined to multi-year lows as production has been affected due to continuing power crisis in Europe and China producing lower than anticipated in 2021.
Reports said power costs in Europe remains high. This has made some major smelters cut their production. This was visible in the drop in the stockpiles of aluminium in the warehoused approved by LME.
Russia-Ukraine tensions
Reports said the ongoing tension between Russia and Ukraine could impact the aluminium producers in Russia. This is because there is a possibility of US sanctions against Russia. This, in turn, may affect the Russian aluminium producers.
February crude oil futures were marginally up on the MCX in the initial hour of Thursday morning, and crude oil futures were down on other global exchanges. February crude oil futures were trading at ₹6,578 on MCX in the initial hour of Thursday morning as against the previous close of ₹6,577, up by 0.02 per cent.
April Brent oil futures were at $89.26, down by 0.23 per cent and March crude oil futures on WTI at $87.91, down by 0.40 per cent. OPEC (Organization of the Petroleum Exporting Countries) and its allies met on Wednesday, and decided to increase the supply of crude oil to 4,00,000 barrels a day in March.
The market was expecting this decision from the oil producing nations. Added to this, the Iranian Oil Minister has stated that his country is ready to return to the oil market as quickly as possible. On MCX, February natural gas futures were trading at ₹400.20 in the initial hour of Thursday morning against the previous close of ₹408.90, down by 2.13 per cent.
Turmeric gleams
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹9,688 in the initial hour of Thursday morning as against the previous close of ₹9,616, up by 0.75 per cent.
February cottonseed oilcake futures were trading at ₹3,122 on NCDEX in the initial hour of Thursday morning against the previous close of ₹3,135, down by 0.41 per cent.
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