TODAY'S SESSION RECAP
Crude led MCX into red territory today, closing -1.19% at ₹9200/bbl on broad US energy weakness. Silver followed, retreating -1.15% to ₹209049/kg, tracking softer COMEX activity and USD strength at ₹94.62. Gold and Copper posted modest losses (-0.33% and -0.63% respectively), suggesting selective liquidation rather than systemic risk-off. NatGas remained anchored near flat (-0.08%), though earlier intraday weakness in Henry Hub (now -6.18% to $2.78/mmBtu) signals storage oversupply themes. The session favored bears across energy and precious metals.
HOW MCX CLOSED VS THE DAY'S RANGE
Crude closed at session lows, finishing ₹9200 against an intraday high of ₹9533—a 333-point retreat from peak, closing in the lower half of its ₹397 range. This fading structure into close signals weakening conviction. Silver similarly retreated from ₹210879 high to settle ₹209049, closing near the session low of ₹208525, confirming downside momentum into the bell. Both commodities failed to hold intraday rallies, a bearish close pattern.
WHAT COMEX IS DOING NOW
COMEX Gold trades -0.21% at $4134/oz—shallow, directionally flat. WTI Crude is sharply lower at -3.73% to $97.99/bbl, extending MCX's weakness. COMEX Silver at $57.43/oz (-0.48%) is holding above the lows but showing no recovery bounce. The US session is confirming MCX's bearish close, not diverging—overnight tone remains downside-biased heading into tomorrow's open.
OVERNIGHT WATCH LIST
Watch Crude's support at ₹9136 (today's low); breach would test ₹8900 region. Silver critical support: ₹208525. US crude inventory data (EIA, 10:30 am IST Thursday) will set the overnight narrative. Henry Hub collapse to $2.78 warrants monitoring for spillover into MCX NatGas if storage data confirms surplus.
Overnight watch: US crude inventory release Thursday 10:30 am IST—key barometer for whether ₹9136 Crude support holds or breaks.