Commodity Market Update, November 28: Silver surges on Fed rate cut hope; Crude oil, Zinc futures rise

Here is how different commodity futures were trading on November 28.

Silver futures

Silver futures for December delivery surged by ₹1,093 or 0.67% to trade at ₹1,63,560 per kilogram on the Multi-Commodity Exchange (MCX) on Wednesday, November 28.

In the international market, Comex Silver (for December expiry) surged to an intra-day high of $54.235 troy ounces, nearing its historic high of $54.50 per ounce.

The rally in precious metals, including both gold and silver, is being driven by firm global trends and growing expectations among investors that the US Federal Reserve will deliver a rate cut next month.

Crude oil futures

Crude oil prices jumped by ₹7 to ₹5,297 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for December delivery traded higher by ₹7 or 0.13% at ₹5,297 per barrel in 14,910 lots.

Analysts said that participants raising their bets kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 0.73% higher at $59.08 per barrel, while Brent crude rose 0.36% to $63.57 per barrel in New York.

Copper futures

Copper futures advanced 0.28% to ₹1,023.55 per kilogram on Friday due to higher spot demand.

On the MCX, copper contracts for December delivery grew by ₹2.85 or 0.28% to ₹1,023.55 per kg in a business turnover of 8,680 lots.

Analysts attributed the rise in copper prices to higher bets by participants.

Zinc futures

Zinc prices rose by ₹1.80 to ₹300.90 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by ₹1.80 or 0.6% to ₹300.90 per kilogram with a business turnover of 2,592 lots.

The December contract increased by ₹1.65, or 0.56%, to ₹295.95 per kg in 2,691 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.

Aluminium futures

Aluminium prices on Friday increased by ₹1.25 to ₹271.70 per kilogram in the domestic futures trade as speculators built up fresh positions amid a positive trend in the spot market.

On the MCX, aluminium for delivery in December went up by ₹1.25, or 0.46%, to ₹271.70 per kilogram, in a business turnover of 3,186 lots.

Analysts said fresh positions created by traders amid demand from consuming industries supported aluminium prices in the futures market.