Commodity Market Updates, Dec 12: Silver crosses ₹2 lakh/kg mark; Industrial metals at record highs

Silver futures

Silver futures for March delivery soared as much as ₹1,420 or 0.71% to a record high of ₹2,00,362 per kilogram, crossing the ₹2 lakh/kg mark for the first time, on the Multi-Commodity Exchange (MCX) on Friday, December 12.

At around 3:08 pm, the contract was trading 0.11% higher at ₹1,98,723 per kilogram, in 10,343 lots.

Silver prices are also being bolstered by persistently tight supplies and shrinking global inventories, and the metal’s recent inclusion on the U.S. critical minerals list. Furthermore, the US Federal Reserve’s reduction of interest rates by 25 basis points also drove the rally in silver prices.

In the international markets, Comex silver futures rose to scale a fresh peak of $64.74 per ounce.

Crude oil futures

Crude oil prices rose by ₹70 to ₹5,269 per barrel in futures trade as participants increased their positions following a firm spot demand.

On the MCX, crude oil for January delivery traded higher by ₹70 or 1.35% at ₹5,269 per barrel in 8,516 lots.

The raising of bets by participants kept crude oil prices higher in futures trade, according to a PTI report, which quoted analysts.

Globally, West Texas Intermediate crude was trading 0.75% higher at $58.03 per barrel, while Brent crude rose 0.69% to $61.70 per barrel in New York.

Copper futures

Copper futures for January delivery surged as much as 1.36% to a fresh lifetime high of ₹1135.95 per kilogram on Friday on the MCX.

Similarly, red metal contracts for the December expiry soared to a record high of ₹1124.80 per kg.

Zinc futures

On the MCX, zinc futures for January delivery gained as much as 1.35% to an all-time high of ₹319.35 per kilogram.

Meanwhile, zinc contracts for the December expiry advanced 1.34% to a record high of ₹324.40 per kilogram on Friday.

Aluminium futures

Aluminium prices also surged to a record high on Friday, with the future for January delivery rising 0.55% to a lifetime high of ₹285.05 per kilogram.

On the MCX, aluminium contracts for the December expiry also increased to all-time high of ₹282.20 per kilogram.