Commodity market: Industrial metals, including aluminium, zinc, and copper, surged on the Multi-Commodity Exchange. While gold futures fell, silver continued its upward trend. Crude oil futures also increased on Wednesday.
Here is how different commodity futures were trading on September 10.
Gold futures
On the Multi-Commodity Exchange (MCX), gold futures for October delivery declined ₹203, or 0.19%, to ₹1,08,830 per 10 grams in a business turnover of 17,442 lots on Wednesday, September 10. The most-traded precious metal contract had surged to an all-time high of ₹1,09,840 per 10 grams on Tuesday.
Similarly, the far-month gold futures for December delivery eased ₹249, or 0.23%, to ₹1,09,839 per 10 grams in 5,069 lots. On Tuesday, the yellow metal had breached the ₹1.10 lakh per 10 grams level for the first time ever before paring gains.
According to commodity market experts, the correction in gold prices came after a recent rally that had lifted the precious metal to historic peaks. The profit-taking came against the backdrop of bearish sentiment in the overseas markets, which weighed on the metal.
Globally, Comex gold futures went down to $3,679.02 per ounce. It had surged to hit a lifetime high of $3,715.20 per ounce on Tuesday.
Silver futures
Silver prices continued their upward trend, jumping ₹671 to ₹1,25,132 per kilogram in the domestic futures market, driven by escalating tensions in the Middle East and a weakening US dollar.
On the MCX, the white metal futures for December delivery appreciated ₹671 or 0.54% to ₹1,25,132 per kg, in a business turnover of 17,714 lots.
In the overseas markets, Comex silver futures were trading 1.02% higher at $41.76 per ounce.
Aluminium futures
Aluminium prices rose 25 paise to ₹257.20 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 October increased by 25 paise or 0.1% to ₹257.20 per kg in 547 lots.
Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.
Zinc futures
Zinc prices surged 65 paise to ₹278.55 per kilogram in futures trade amid a pick-up in spot demand.
On the MCX, zinc contracts for October delivery traded higher by 65 paise or 0.23% to ₹278.55 per kilogram with a business turnover of 769 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.
Copper futures
Copper futures advanced 0.1% to ₹908.20 per kilogram on Wednesday due to higher spot demand.
On the MCX, copper contracts for October delivery grew by 95 paise or 0.1% to ₹908.20 per kg, in a business turnover of 1,910 lots.
Analysts attributed the rise in copper prices to higher bets by participants.
Crude Oil futures
Crude oil prices rose ₹49 to ₹5,593 per barrel amid concerns that the conflict in the…
Read More: Crude oil, silver surge; Gold futures decline
