Natural gas futures down 1.74% after a sharp rally in last few days
In the futures market, natural gas for February delivery touched an intraday high of Rs 211.60 and an intraday low of Rs 205.20 per mmBtu on the MCX.
Mumbai / February 03, 2021 / 03:13 PM IST
Natural gas futures eased to Rs 208.90 per mmBtu on February 3 as participants increased their short positions as seen by the open interest. Natural gas price slipped 0.2 percent on February 2 on the NYMEX.
Natural gas pared losses after a gap down opening in the afternoon session. The gas price touched the high of $3.005/mmBtu in intra-day trade on February 2, but lost momentum and ended lower.
Natural gas futures jump 3.26% to Rs 215.10 per mmBtu on demand uptick
In the futures market, natural gas for February delivery touched an intraday high of Rs 216.50 and an intraday low of Rs 205.60 per mmBtu on MCX.
Mumbai / February 02, 2021 / 02:59 PM IST
Natural gas futures soared to Rs 215.10 per mmBtu on February 2 as participants increased their long positions as seen by the open interest. Natural gas prices rose 11.2 percent yesterday on the NYMEX.
The price surged on increased fuel demand as the Northeastern US has been hit by a powerful winter snowstorm, pummeling a vast swath stretching from Pennsylvania through New England and causing widespread disruption in New York City and other major urban centres in the region.
MCX Copper futures flat at Rs 593.60 per kg; bearish momentum likely to continue
In the futures market, copper for February delivery touched an intra-day high of Rs 596.45 and a low of Rs 588.15 per kg on the MCX.
Copper
Copper prices were steady at Rs 593.60 per kg on February 2 as manufacturing data from top consumer China raised the prospect of slowing demand growth. The base metal extended loss after a gap-up open tracking firm dollar in the evening session.
Copper stocks in LME-registered warehouses, at 74,275 tonnes are close to last September s 15-year trough. Cancelled warrants - metal earmarked for delivery - at 33 percent suggest more metal is due to leave.
Natural gas futures up 1.34% to Rs 196.30 per mmBtu on positive overseas cues
In the futures market, natural gas for February delivery touched an intraday high of Rs 198.30 and an intraday low of Rs 195 per mmBtu on MCX.
Natural Gas
Natural gas futures rose to Rs 196.30 per mmBtu on January 29 as participants increased their long positions as seen by the open interest. Natural gas price had declined 1.4 percent yesterday on the NYMEX on lesser drawdown of stock.
Natural gas traded in the green after a gap up open in the afternoon session tracking firm overseas cues.
The US Energy Information Administration (EIA) reported that US natural gas inventories decreased by 128 Bcf for the week ended January 22 against market expectation of 136 Bcf decline.
Copper futures marginally down at around Rs 599 per kg on firm dollar
In the futures market, copper for February delivery touched an intraday high of Rs 607.80 and a low of Rs 595.35 per kg on the MCX.
Mumbai / January 29, 2021 / 07:06 PM IST
Copper prices eased 0.35 percent to Rs 598.50 per kg on January 29 on increased volatility in the international market. The base metal traded in the red after a gap-down open tracking firm dollar in the evening session.
Logistical issues in COVID-19 vaccinations dented hopes for a speedy recovery in the global economy, keeping a lid on prices for copper.
Copper stocks in warehouses certified by the LME are at their lowest since September at 76,350 tonnes. Stocks in warehouses registered with the Shanghai Futures Exchange are at their lowest since 2011 while Comex inventories are also slipping.