India Commodity Market Sees Mixed Results as Energy and Metals Gain

Commodity markets across India's Multi Commodity Exchange (MCX) showed mixed results on August 17, setting the stage for the next day. Gold prices rose by 0.46%, while silver followed suit with a gain of 0.57%. Crude oil and copper also posted gains of 1.00% and 1.13%, respectively. However, natural gas fell sharply by 3.26%. According to Ankit Jaiswal, Research Analyst at Univest, the commodity market prediction for tomorrow favors energy and metal segments given supply-side support.

Kunal Singla, another Research Analyst at Univest, notes that natural gas faces headwinds from seasonality and above-average US storage levels. The commodity market prediction for tomorrow calls for selective positioning rather than broad commodity exposure.

Looking ahead to August 18, crude oil and base metals are expected to remain bullish, while natural gas is seen as bearish. The energy segment, led by crude oil, is likely to benefit from geopolitical supply risk concerns. Base metals such as copper and zinc will also be driven by industrial demand recovery expectations.