Commodity Market News and Prices

Gold 

On Tuesday, spot gold prices rose to one month high as concerns over the outcome of the U.S. election sparked losses in stocks and the dollar, prompting investors to seek out precious metals as a haven from risk. On the MCX, gold prices rose by 1.12 percent to close at Rs.30285 per 10 gms. On the MCX, gold prices are expected to trade higher today, international markets are trading higher marginally by 0.15 percent at $1290 per ounce.

Silver 

Spot silver prices rose by 2.5 percent on Tuesday to close at $18.3 per ounce in line with strength in gold prices and weak dollar index. On the MCX, silver prices rose by 2.76 percent to close at Rs.43573 per kg.

Crude Oil 

WTI oil prices declined by 0.4 percent on Tuesday to close at $46.7 per barrel following the API report of a U.S. crude inventory build nine times larger than forecast. Free Commodity Tips: On the MCX, oil prices declined by 1.5 percent to close at Rs.3105 per barrel. We expect oil prices to trade lower today on the MCX, international markets are trading lower by 0.86 percent at $46.27 per barrel.

Copper 

LME Copper prices traded higher by 1.4 percent on Tuesday to close at $4920/tonne as copper stocks at the LME warehouses continued their decline for the seventh day in a row, falling by around 13 percent this month to 326,400 tonnes. This is a major respite to the metal given a whopping 40 percent jump in inventories in August. MCX copper prices traded higher by 4.4 percent to close at Rs.325 per kg on Friday. We expect MCX Copper prices to trade sideways today on the MCX.