Commodity markets traded lower on February 4, 2026, with weakness across precious and base metals. 1-Ounce Gold Futures slipped 0.42% to 4,930.00, down 20.75, while Gold Futures declined 0.71% to 1,112.96, reflecting mild pressure in safe-haven assets.
Silver Futures dropped 1.47% to 21,864, losing 326, extending losses in precious metals amid subdued momentum.
Base Metals Lead Decline, Copper Falls Over 3%
Industrial metals remained under pressure, led by copper. Grade A Copper Futures plunged 3.29% to 13,001.55, down 442.54, marking the sharpest decline among major tracked commodities. Aluminium complex also weakened broadly, signaling softer industrial sentiment.
Aluminium Weakness Across Contracts
Aluminium High Grade Futures fell 1.25% to 3,059.88, while Aluminum Futures dropped 1.21% to 23,620. Another Aluminum Futures contract slipped 1.09% to 2,984.50, and Aluminium Mini Futures declined 1.70% to 309.25. Aluminium Futures (Mini) eased 1.89% to 308.90, highlighting consistent downside across the curve.
Technical Signals Mixed Despite Price Pressure
Despite the decline, Gold Futures and 1-Ounce Gold Futures retained a ‘Buy’ technical rating, while most aluminium and silver contracts remained Neutral, and one aluminium contract signaled Sell, indicating mixed short-term momentum.
Market Tone: Metals Reflect Cautious Global Demand Outlook
With copper down over 3% and aluminium broadly weaker, commodity markets signal cautious industrial demand, while gold’s limited decline suggests no aggressive risk-off shift yet. Traders are watching macro trends, currency moves, and global growth signals for the next directional cue.
