Commodity market updates, August 26: Silver hits record high; gold, aluminium futures surge

Here is how different commodity futures were trading on August 26.

Silver futures

Silver prices on Tuesday rallied ₹779 to hit an all-time high of ₹1,16,729 per kg in futures trade in line with firm global trends.

On the Multi-Commodity Exchange (MCX), the white metal for September delivery jumped by ₹779 or 0.67% to hit a record high of ₹1,16,729 per kg in the morning trade.

Later, it pared some of its gains to trade at ₹1,16,244 per kg, up by ₹294, or 0.25%, with an open interest of 12,587 lots.

According to commodity market experts, silver prices hit a lifetime high in the futures market as traders ramped up safe-haven buying amid mounting global trade tensions and rising expectations of an interest rate cut by the US Federal Reserve at its September policy meeting.

In the international markets, Comex silver futures traded flat at $39.21 per ounce in New York.

Gold futures

Gold prices jumped ₹342 to ₹1,00,966 per 10 grams in futures trade in line with firm global trends.

On the MCX, the gold October contract of the metal traded higher by ₹342 or 0.34% at ₹1,00,966 per 10 grams, in a business turnover of 13,299 lots.

On the global front, the most-traded December contract of gold on Comex gained $6.25 or 0.18% to trade at $3,423.75 in New York.

Aluminium futures

Aluminium prices rose ₹2.20 to ₹254.40 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 September increased ₹2.20 or 0.87% to ₹254.40 per kg in 3,243 lots.

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

Copper futures

Copper futures fell ₹1.95 to ₹888.60 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the September contract eased by ₹1.95 or 0.22% to ₹888.60 per kilogram in a business turnover of 6,336 lots.

Analysts attributed the decline in copper prices to lower bets by participants.

Zinc futures

Zinc prices rose ₹1.20 to ₹269 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by ₹1.20 or 0.45% to ₹269 per kilogram, with a business turnover of 2,374 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 by ₹41 to ₹5,657 per barrel as participants trimmed positions in line with weak demand in the spot market.

On the MCX, crude oil for September delivery declined by ₹41, or 0.72%, to ₹5,657 per barrel in 11,931 lots.

Globally, West Texas Intermediate crude oil was trading 0.80% lower at $64.28 per barrel, while Brent Crude fell 0.68% to $68.33 a barrel in New York.