MCX precious metals, crude oil trade in the red, Natural gas futures trade marginally higher

MCX crude oil futures faced pressure on Tuesday and were trading lower. Precious metals failed to find strength during the session and put up a lackluster performance. However, natural gas futures managed to climb higher ahead of key economic data scheduled to be out throughout the week.

Precious metals

Gold futures on the MCX saw losses of 0.07% and were trading at ₹71,550 per 10 grams. The yellow metal had climbed higher earlier during the session as investors and traders geared up for jobs data from the US, however, the metal was unable to trend higher and faced selling pressure at higher levels

At the same time, silver futures on the MCX traded lower by 0.60% at ₹84,050 per kg. The metal had hit an intraday high of ₹84,493 and was off its day’s low of ₹83,808. The metal extended its losses for the second consecutive session.

Base metals

Copper futures on the MCX faced significant selling pressure and were trading lower by 1.83% at ₹786.75 while zinc futures saw losses of nearly 0.60% to trade at ₹263.25. Lead futures were trading lower by 1.11% at ₹183.25.

Crude oil and natural gas

Crude oil futures on the MCX continued to remain weak and were trading lower by 2.15% at ₹6,087. Despite supply woes from Libya, crude oil prices have been weighed down by weak demand from China which is the largest importer of oil

Meanwhile, natural gas futures on the MCX were trading marginally higher by 0.11% at ₹184.8 The commodity had seen impressive gains in the previous sessions mainly due to escalations in the Russia-Ukraine conflict.

Economic data

On Monday, South Korea announced an improvement in its CPI figure as it came in at 2% YoY compared to the previous figure of 2.6%. Meanwhile, Italy, France, and Germany reported an uptick in manufacturing PMI for the month of August easing slowdown worries.

On Tuesday, the United States will announce its manufacturing PMI data ahead of non-farm payroll data and unemployment rate data due to be out later during the week.