Commodity Market Updates, September 2: Silver futures touch record high; Crude oil, Gold rise

Here is how different commodity futures were trading on September 2.

Silver futures

Rising for the fifth consecutive session on Tuesday, silver prices climbed ₹588 to hit a fresh peak of ₹1,25,249 per kilogram in futures trade, propelled by expectations of a rate cut by the US Federal Reserve this month and robust demand in overseas markets.

On the Multi-Commodity Exchange (MCX), the white metal futures for the December contract rallied ₹588 or 0.47% to hit a record high of ₹1,25,249 per kg in the morning trade.

On the global front, Comex silver futures for the December contract surged to hit a high of $41.99 per ounce in New York.

Gold futures

Gold prices soared ₹466 to ₹1,05,251 per 10 grams in futures trade on a firm spot demand.

On the MCX, the October contract of the yellow metal traded higher by ₹466 or 0.44% at ₹1,05,251 per 10 grams, in a business turnover of 17,104 lots.

Globally, Comex gold futures for December delivery fell 0.63% to $3,498.14 per ounce in New York.

Copper futures

Copper futures rose 0.27% to ₹905.95 per kilogram due to higher spot demand.

On the MCX, copper contracts for October delivery grew ₹2.40 or 0.27% to ₹905.95 per kg in a business turnover of 904 lots.

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

Zinc futures

Zinc prices advanced ₹1.80 to ₹275.85 per kilogram in futures trade amid a pick-up in spot demand.

On the MCX, zinc contracts for September delivery traded higher by ₹1.80 or 0.66% to ₹275.85 per kilogram, with a business turnover of 296 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 grew 85 paise to ₹255.70 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 85 paise or 0.33% to ₹255.70 per kg in 4,017 lots.

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

Crude oil futures

Crude oil prices rose ₹19 to ₹5,694 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for September delivery traded higher by ₹19 or 0.33% at ₹5,694 per barrel in 2,685 lots.

Analysts said the rise of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude was trading 1.42% higher at $64.92 per barrel, while Brent crude rose 0.43% to $68.44 per barrel in New York.