Weekly Commodity Insights 08th June 2026 by Axis Securities Ltd
The Week That Was
• Comex Gold tumbled more than 4% last week as investor sentiment weakened amid growing uncertainty surrounding the ongoing Iran–US negotiations. After weeks of talks, the lack of a concrete breakthrough, coupled with stronger-thanexpected Non-Farm Payrolls data and persistent inflation concerns, reinforced expectations that the Federal Reserve could keep interest rates elevated for longer. The combination of these factors weighed heavily on the yellow metal. We expect gold prices to remain under pressure and trade with a negative bias this week.
• Comex Silver recorded its steepest weekly decline since Mar’26, as heavy selling across both bullion and industrial metals gathered pace. Stronger-than-expected employment data reinforced expectations of a rate hike later this year, dampening investor appetite for precious metals. We expect silver to trade with a negative bias as long as it remains below the $73 resistance level.
• Comex Copper pulled back from its record highs last week, declining more than 2% as a stronger U.S. dollar triggered profit booking across industrial metals. The Dollar Index gained over 1% during the week, reducing the appeal of the industrial metals. Meanwhile, uncertainty surrounding U.S. tariff policy continues to tighten and distort the global copper market. Market participants are closely watching Washington’s decision on whether to extend import tariffs to refined copper, a move that could significantly reshape global supply flows and pricing dynamics.
• Nymex Crude Oil snapped its two-week losing streak, ending the week nearly 2% higher. However, prices retreated from their highs amid optimism over a potential US-Iran peace agreement, which could ease geopolitical tensions and support smoother oil flows through the Strait of Hormuz. Crude also came under pressure after the U.S. Dollar Index (DXY) climbed to a 1.75-month high on Friday. Adding to the bearish sentiment, weak demand from China weighed on prices, with the country's May crude oil imports falling to 6.7 Mn barrels per day, the lowest level in more than a decade, according to Kpler data.
MCX Gold
Technical Outlook:
MCX Gold ended the previous session on a flat note and continued to trade within the broader range of Rs 1,53,000–Rs 1,60,000. Despite the range-bound movement, prices remain comfortably above the 9-day and 20-day EMAs, while the RSI continues to hold above the 60 mark, indicating underlying strength. However, Comex Gold has slipped below its 9-week and 20-week EMAs, signalling a weakening global trend. We recommend a sell-on-rise strategy in MCX Gold as long as the Rs 1,60,000 resistance level remains intact.
Recommendation: We recommend selling MCX Gold around Rs 1,58,000 with a stoploss above Rs 1,60,000 and a target of Rs 1,54,000.
Current Market Price (CMP): Rs 1,56,000
MCX Silver
Technical Outlook:
MCX Silver extended its losing streak for a second consecutive week, tumbling nearly 7% during the period. On the weekly chart, prices have slipped below the 9-week EMA, while the RSI remains below the 50 mark, indicating weakening bullish momentum. Furthermore, silver has been forming a pattern of lower highs and lower lows over the past five months, reflecting a sustained bearish trend. We expect MCX Silver to trade with a negative bias in the near term.
Recommendation: We recommend selling MCX Silver around Rs 2,55,000, with a stop-loss above Rs 2,62,000 and a target of Rs 2,46,000.
Current Market Price (CMP): Rs 2,49,000
MCX Crude Oil
Technical Outlook:
MCX Crude Oil snapped its losing streak last week, gaining nearly 4% to settle around the Rs 8,600 mark. On the weekly chart, prices continue to trade below the 9-week EMA but remain comfortably above the 20-week EMA, suggesting a range-bound trend in the near term. With no clear directional bias emerging, we expect crude oil to trade within the Rs 8,300–9,000 range this week. A buy-on-dips strategy is recommended for this week.
Recommendation: We recommend buying MCX Crude Oil around Rs 8,400, with a stop-loss above Rs 8,000 and targets of Rs 8,800 and Rs 9,000.
Current Market Price (CMP): Rs 8,600
MCX Copper
Technical Outlook:
MCX Copper extended its losing streak for a second consecutive week, settling more than 1% lower. Despite the recent correction, the near-term trend remains constructive, with prices comfortably trading above both the 9-day and 20-day EMAs. The RSI also remains above the 60 mark, indicating that underlying bullish momentum is still intact. We recommend a buy-on-dips strategy in MCX Copper as long as the Rs 1,300 support level holds.
Recommendation: We recommend buying MCX Copper around Rs 1,320 with a stop-loss below Rs 1,300 and a target of Rs 1,360.
Current Market Price (CMP): Rs 1,335
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