Commodities fall as rising Covid-19 cases spark fear of lockdown

Commodity prices fell on Tuesday as rising Covid-19 cases around the world sparked fears of a fresh round of lockdowns and the US and China sparred over Beijing’s territorial rights in the South China Sea.

Gold, silver, oil, and copper were among the major losers globally and in India — on the MCX. The fall was partly arrested after the rupee tumbled against the dollar, making the import of these commodities costlier.

On MCX, crude oil and silver were down 1.7 per cent from Monday night’s close, while gold shed 0.6 per cent. In metals, zinc and lead lost the