Commodity markets traded mixed during the Thursday, May 21 morning session on the Multi Commodity Exchange (MCX), with crude oil and natural gas witnessing gains while precious and industrial metals traded lower.
MCX crude oil futures rose 1.15% or 109 points to Rs 9,572, while natural gas futures gained 0.58% or 1.7 points to Rs 293.1.
On the other hand, silver futures declined 0.47% or 1,277 points to Rs 2,72,988. Gold futures also slipped 0.08% or 132 points to Rs 1,59,874.
Among base metals, copper traded lower by 0.07% at Rs 1,351.10, zinc eased 0.08% to Rs 370.10 and aluminium declined 0.16% to Rs 385.45.
Globally, gold and silver remained firm despite volatility in commodity markets. COMEX gold traded near $4,563 an ounce, up 0.61%, while COMEX silver rose 0.96% to $76.915 an ounce amid continued geopolitical uncertainty and inflation concerns linked to the US-Iran conflict.
Minutes from the US Federal Reserve’s April meeting showed policymakers remain cautious on inflation, with several members signalling that further tightening may still be required if inflation remains above the 2% target.
According to UOB Global Economics & Markets Research, gold may remain trapped in a broad trading range between $4,171 and $4,889 an ounce. The report noted that gold’s weekly support remains near $4,171, while resistance is seen around $4,758.
Meanwhile, iron ore futures extended losses on Thursday, with the most active September contract on China’s Dalian Commodity Exchange falling 0.25% to 796 yuan per tonne, the lowest level since April 30. Increased shipments from Australia and Brazil, along with rising Chinese portside inventories, continued to pressure prices.
Heavy rainfall across key Chinese steelmaking provinces including Guangxi, Guizhou and Hubei also impacted construction activity and weakened steel demand sentiment.
MCX commodities update at 9 AM on May 21
| Commodity | Price | Change | % Change |
|---|---|---|---|
| Crude Oil | Rs 9,572 | +109 | +1.15% |
| Natural Gas | Rs 293.1 | +1.7 | +0.58% |
| Gold | Rs 1,59,874 | -132 | -0.08% |
| Copper | Rs 1,351.10 | -0.95 | -0.07% |
| Zinc | Rs 370.10 | -0.30 | -0.08% |
| Aluminium | Rs 385.45 | -0.60 | -0.16% |
| Silver | Rs 2,72,988 | -1,277 | -0.47% |
Analysts said commodity markets are expected to remain volatile as investors continue tracking developments in the Middle East, US inflation data, Federal Reserve policy signals, global bond yields and Chinese industrial demand trends.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Commodity markets are subject to market risks and geopolitical developments.