The commodity market presented a tale of two halves, with precious metals finding strong safe-haven support while the industrial and energy sectors faced significant headwinds.
The overall market mood remained mixed, as reflected by the MCX iCOMDEX Composite index slipping into the red, even as the bullion segment outperformed.
This divergence was largely influenced by shifting sentiment in international markets, where a cautious approach toward global manufacturing weighed on industrial demand while supporting the gold price and silver rate.
Silver was the undisputed star of the day’s trade. Both silver mini and silver micro contracts registered impressive gains of over 3.4%, propelling the broader silver index higher as investors reacted to a combination of industrial demand and technical buying.
Gold also maintained its upward trajectory, with gold mini and standard gold contracts posting gains near the 1% mark, bolstered by the iCOMDEX Bullion index’s strong performance.
In the energy space, natural gas and natural gas mini provided a notable exception to the general weakness, climbing over 1.6% as traders adjusted positions based on evolving weather patterns and supply expectations.
In contrast, the base metals complex struggled to find its footing. Aluminium led the decline, with standard and aluminium mini contracts dropping by approximately 2.5%, likely due to rising inventory levels and a slowdown in demand from major global manufacturing hubs.
Nickel and zinc also finished the session in negative territory, reflecting the broader cautious sentiment seen in the base metal index.
Meanwhile, crude oil prices saw a modest correction; both standard crude oil and crude oil mini contracts edged lower as the market weighed fluctuating energy prices against a backdrop of uncertain global demand.
The day’s movements were closely tied to broader global cues, including a fluctuating dollar and varying economic data from major economies that influenced risk appetite.
While copper and lead managed to eke out marginal gains of 0.41%, they were not enough to offset the drag from the aluminium slump.
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