A broad-based profit-booking wave hit MCX commodities in late trade, with precious metals and energy contracts dominating the losers’ list as traders locked in gains after the recent geopolitical risk rally. The sharpest pressure came in Silver May futures, down ₹2,632 to ₹2,50,118, making it the day’s biggest absolute loser, while Silver Mini fell ₹2,251 to ₹2,51,230 and Silver Micro slipped ₹2,205 to ₹2,51,200. The synchronized fall across all silver contracts suggests the move is position-led rather than expiry-specific, pointing to aggressive long unwinding after elevated volatility.
Gold also remained under pressure, reinforcing the safe-haven cooldown theme. Gold May futures dropped ₹809 to ₹1,52,458, while Gold June lost ₹751 to ₹1,54,066, with Gold Ten and Gold Guinea contracts also falling between 0.43% and 0.46%. The breadth of declines across standard, mini, and denomination-linked contracts signals that bullion traders are trimming war-premium positions as immediate global risk concerns ease and crude volatility stabilizes.
Outside bullion, the weakness spilled into electrical-grade copper and mentha oil, though the moves were comparatively modest. ELECDMBL declined 2.81%, the steepest percentage fall on the board, while Mentha Oil slipped 0.38% to ₹982.90. The copper-linked weakness likely reflects softer industrial sentiment and concerns around global growth-sensitive demand, especially as traders reassess post-ceasefire commodity flows and China-linked consumption expectations.
The broader commodity tape now suggests a temporary valuation reset after an outsized geopolitical premium build-up, rather than a structural reversal in the metals uptrend. The sharp fall in Silver and Gold contracts alongside contained declines in Mentha and industrial commodities points to profit booking in crowded safe-haven longs, with traders likely waiting for the next trigger from US inflation data, dollar movement, Fed commentary, and Middle East shipping stability through the Strait of Hormuz.
