MCX crude oil futures tank, base metals under pressure

MCX crude oil futures were under pressure on Tuesday along with broad based selling pressure which was seen in silver, and base metals. Gold futures were weak as well while natural gas futures traded higher.

Precious metals

Gold futures on the MCX were trading lower by 0.25% at ₹75,852 per 10 grams. The yellow metal has faced resistance in recent sessions after hitting record highs.

Meanwhile, silver futures on the MCX were trading significantly lower by 1.49% and were trading at ₹90,991 per kg. The metal had hit an intraday high of ₹92,223 and was off its day’s low of ₹90,360.

Base metals

After Chinese officials failed to announce major stimulus measures, base metals slipped down. A lack of clarity about future stimulus affected the market negatively.

Copper futures on the MCX trading lower by 2.39% at ₹833.60. Meanwhile, zinc futures were trading lower by 2.03% at ₹282.35. Lead futures were down by 1.8% at ₹182.85.

Crude oil and natural gas

MCX crude oil futures on Tuesday were trading lower by 1.9% at ₹6,350 per barrel. After a decent rally, crude oil prices took a hit as traders and investors booked profits and withdrew bets that of a widespread Middle East conflict.

Natural gas futures were trading higher by 1.02% during the session. The commodity was trading at ₹232.6.

Economic data

China failed to announce any major changes or further stimulus measure despite showing confidence in achieving their growth target. As a result, base metal and silver prices took a hit. China had earlier announced a slew of measures to revive its sluggish economy.

Meanwhile, a fall in wage growth in Japan could provide a slight boost to the Bank of Japan’s case to raise interest rates. Further, markets will be keeping an eye on the Reserve Bank of India’s interest rate decision.

Later in the week, the US CPI inflation data will be a key point of interest for markets.