Commodity Market Updates, September 23: Silver, gold futures touch record highs; Industrial metals, Crude oil decline

Here is how different commodity futures were trading on September 23.

Gold futures

Gold continued its record-breaking rally on Tuesday, September 23, and rose to touch an all-time high of ₹1,13,200 per 10 grams on the Multi-Commodity Exchange (MCX), driven by a strong global trend as expectations of further rate cuts by the US Federal Reserve and safe-haven buying kept the rally intact ahead of Fed Chair Jerome Powell's remarks.

Similarly, the December contract advanced to ₹1,14,250 per 10 grams, also marking a fresh record.

In the overseas markets, gold futures for December delivery rose to a record peak of $3,794.82 per ounce.

Silver futures

Silver prices also extended their upward momentum to scale new highs. The white metal futures for December delivery appreciated to hit a record high of ₹1,34,640 per kilogram. Silver for March next year delivery rallied to touch a lifetime high of ₹1,36,002 per kg on the MCX.

Globally, silver futures for December delivery slipped marginally to $44.19 per ounce.

Copper futures

Copper futures fell 30 paise to ₹915.70 per kilogram as participants reduced their positions amid muted demand in the domestic market.

On the MCX, copper futures for the October contract eased by 30 paise or 0.03% to ₹915.70 per kilogram in a business turnover of 5,310 lots.

Analysts attributed the decline in copper prices to lower bets by participants.

Zinc futures

Zinc prices declined 0.04% to ₹281.30 per kilogram in futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the MCX, zinc contracts for October delivery traded lower by 10 paise or 0.04% at ₹281.30 per kg in 2,463 lots.

Analysts said the trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices.

Aluminium futures

Aluminium prices slipped 35 paise to ₹257.75 per kilogram in the futures trade as participants trimmed their positions on a weak trend in the spot market.

On the MCX, aluminium for delivery in October fell 35 paise or 0.14% to ₹257.75 per kg in 2,447 lots.

Analysts said participants cut down positions on easing demand from consuming industries, which mainly kept aluminium prices lower.

Crude oil futures

Crude oil futures declined by ₹16 to ₹5,506 per barrel, as participants trimmed their positions amid weak demand in the spot market.

On the MCX, crude oil for October delivery fell ₹16 or 0.29% to ₹5,506 per barrel in 12,933 lots.

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

Globally, however, West Texas Intermediate crude oil was trading 0.33% lower at $61.95 per barrel, while Brent Crude fell 0.56% to $66.20 per barrel in New York.