MCX precious metals, base metal futures trade in the red

MCX crude oil futures were trading higher on Wednesday after falling over 4% in the previous session. Meanwhile, other commodities, including gold and silver were trading lower. Renewed fears of an economic slowdown led to weakness across global markets.

Precious metals

Gold futures on the MCX saw losses of 0.04% and were trading at ₹71,350 per 10 grams. Despite facing weakness earlier in the session, the yellow metal managed to hold its ground and was trading above the ₹71,000 mark.

Meanwhile, silver futures on the MCX traded marginally lower by 0.01% at ₹83,249 per kg. The metal had hit an intraday high of ₹84,352 and was off its day’s low of ₹82,589. The metal touched lowest level since mid-August.

Base metals

Copper futures on the MCX continued trading lower and were down by 0.15% at ₹784.15 while zinc futures saw losses of nearly 1.5% to trade at ₹261.45. Lead futures were trading lower by 0.65% at ₹183.45.

Crude oil and natural gas

MCX crude oil futures were trading higher by over 1.5% at ₹6,006 per barrel. The commodity faced significant selling pressure in the previous session due to data sparking fresh concerns regarding an economic slowdown. Weak Chinese demand was another factor that led to a more negative sentiment.

Meanwhile, natural gas futures on the MCX were trading marginally higher by 0.43% at ₹185.6.

Economic data

Following the United States production data for the month of August, global markets slipped as concerns about an economic slowdown popped up again. Additionally, the weakening of the Chinese economy has further weighed down on investor sentiments.

Later on Wednesday, traders and investors will be closely tracking the jobs data from the United States. In the previous month, data indicating a weak labour market had sparked a sell-off. Crude oil inventory data will also be a key data point that market participants will be tracking.