Commodity Market Updates, October 3: Copper surges; Silver, Gold futures decline from record highs

Gold futures

Gold prices fell ₹808 to ₹1,16,780 per 10 grams in futures trade on Friday, October 3, retreating from a record high as investors booked profits amid caution over the US government shutdown and Fed policy outlook.

On the Multi-Commodity Exchange (MCX), gold futures for December delivery declined ₹808 or 0.69% to ₹1,16,780 per 10 grams, snapping a five-day winning streak.

On Wednesday, the contract had scaled a lifetime high of ₹1,18,444 per 10 grams.

Similarly, the February 2026 contract for the yellow metal futures depreciated by ₹827 or 0.7% to ₹1,18,032 per 10 grams. In the previous session, the precious metal had touched an all-time high of ₹1,19,674 per 10 grams.

Globally, gold futures were trading lower at $3,867.15 per ounce during the day after touching a record of $3,923.30 per ounce in the previous trade.

Silver futures

Silver too witnessed a pullback after scaling a fresh peak on Wednesday.

The white metal futures for December delivery slumped by ₹2,759 or 1.91% to ₹1,41,961 per kilogram. The contract had hit a record ₹1,45,715 per kilogram on Wednesday.

On the MCX, the March 2026 silver contract tumbled by ₹2,679 or 1.83% to ₹1,43,583 per kilogram, after touching a high of ₹1,47,784 per kilogram in the previous trade.

In the international market, silver futures for December delivery rose nearly 1% to $46.79 per ounce, recovering from a recent high of $48.01 per ounce.

Copper futures

Copper futures surged 1.82% to ₹980.10 per kilogram due to higher spot demand.

On the MCX, copper contracts for November delivery grew by ₹17.50, or 1.82%, to ₹980.10 per kg in a business turnover of 1,088 lots.

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

Aluminium futures

Aluminium prices rose by ₹1 to ₹262.25 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 November increased by ₹1, or 0.38%, to ₹262.25 per kg in 350 lots.

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

Zinc futures

Zinc prices advanced by ₹3 to ₹293.50 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for November delivery traded higher by ₹3, or 1.03%, to ₹293.50 per kilogram with a business turnover of 567 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 declined by ₹58 to ₹5,435 per barrel as participants trimmed their positions amid weak demand in the spot market.

On the MCX, crude oil for October delivery fell ₹58, or 1.06%, to ₹5,435 per barrel in 13,780 lots.

Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market.

Globally, West Texas Intermediate crude oil was trading 0.94% higher at $61.05 per barrel, while Brent Crude rose 0.81% to $64.63 per barrel in New York.