Copper futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators bet that rising energy prices would stoke inflation, while falling inventories also supported prices.

Copper seems to be a cheaper hedge against inflation than precious metals.

Yellow metal futures little changed during afternoon trade in the domestic market on Wednesday as investors & speculators remained cautious ahead of the release of minutes from the US Federal Reserve policy meeting later in the day amid expectations of an interest rate hike next month.

Gold for December delivery on the Comex division of the New York Mercantile Exchange was last at $1,217.50 a troy ounce, after earlier rising as higher as $1,220.85.

In the domestic market Aluminium futures were trading lower during the morning trade on Wednesday as participants indulged in trimming their positions in the industrial metal amid slide in physical demand for aluminium at the domestic spot market.

At the MCX, aluminium futures for November 2016 contract is trading at Rs 119.75 per kg, downward by 0.33 %, after opening at Rs 119.95, against a last close of Rs 120.15. It touched the intra-day lower of Rs 119.65.

Crude Oil prices drop in Asian trade on Wednesday, reversing earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.

Mentha oil futures were trading low during the morning trade in the domestic market on Wednesday as investors & speculators remained on the sidelines in the agri-commodity amid downtick in physical demand for mentha oil from major consuming industries in the domestic spot market.

Mentha oil futures for Nov 2016 contract is trading at Rs 926.40 per kg, downward by 0.54 % after opening at Rs 917, against the last closing price of Rs 931.40. It touched the intra-day lower of Rs 917.

Silver futures closed high in the domestic market on Tuesday after participants raised their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.

For December 2016 contract Silver futures closed at Rs 40,719 per kg, up by 0.50 %, after opening at Rs 40,765, against a last close of Rs 40,517. It touched the intra-day higher of Rs 41,093.

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