Commodity market updates: Industrial metals, excluding aluminium, surged on the Multi-Commodity Exchange. While gold futures climbed to their lifetime high, silver contracts also rallied. Crude oil prices declined.
Here is how different commodity futures were trading on September 1.
Gold futures
Gold prices continued their upward trend for the second consecutive session, reaching a new all-time high of ₹1,05,937 per 10 grams, as they surged by ₹2,113 on Monday, driven by a bullish sentiment in the overseas market.
On the Multi Commodity Exchange (MCX), the most traded precious metal futures for the October contract zoomed ₹2,113 or 2.03% to hit a lifetime high of ₹1,05,937 per 10 grams in the morning trade.
On Friday, gold futures had hit ₹1,04,090 per 10 grams on the commodities bourse.
Subsequently, the yellow metal futures for the December contract jumped by ₹1,682 or 1.6% to hit a record high of Rs 1,06,539 per 10 grams on the MCX.
On the global front, Comex gold futures for the December contract surged to a lifetime high of $3,552.32 per ounce in New York.
Silver futures
Silver prices skyrocketed by ₹2,597 to zoom past the crucial ₹1.24 lakh mark for a kilogram in futures trade in line with strong trends in the international markets.
On the MCX, the white metal for the December contract rallied to hit a record high of ₹1,24,990 per kg during the day’s trade.
In the overseas market, Comex silver futures for the December contract breached the $41 per ounce, its highest level in 14 years, in New York.
Aluminium futures
Aluminium prices declined by 25 paise to ₹254.95 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.
On the MCX, aluminium for delivery in September fell 25 paise or 0.1% to ₹254.95 per kg in 4,125 lots.
Analysts said participants cut down positions on easing demand from consuming industries, which mainly kept aluminium prices lower.
Copper futures
Copper futures rose 0.51% to ₹905 per kilogram due to higher spot demand.
On the MCX, copper contracts for September delivery grew by ₹4.55 or 0.51% to ₹905 per kg in a business turnover of 6,920 lots.
Analysts attributed the rise in copper prices to higher bets by participants.
Zinc futures
Zinc prices surged ₹1.95 to ₹273.25 per kilogram in futures trade amid a pick-up in spot demand.
On the MCX, zinc contracts for September delivery traded higher by ₹1.95 or 0.72% to ₹273.25 per kilogram, with a business turnover of 3,446 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.
Crude oil futures
Crude oil futures fell ₹2 to ₹5,652 per barrel, as participants trimmed their positions, tracking weak demand in the spot market.
On the MCX, crude oil for September delivery declined ₹2, or 0.04%, to ₹5,652 per barrel in 11,249 lots.
Analysts said the prices were affected after…
Read More: Gold futures hit record high; Silver, Copper soar
