By Sreekumar Raghavan
Natural Gas futures at India?s Multi Commodity Exchange (MCX) has climbed up on lower level buying and slight positive trends seen in Nymex Henry Hub futures on Thursday electronic trade. MCX January natural gas rose 1.23% to 172.80 per Mmbtu while February rose 1.16% to Rs 174.90 per Mmbtu. On technical charts, MCX Jan Natural Gas is bearish at 33.24 and lower price levels seems to have prompted buying activity with MACD in negative.Prices are still below 20 day SMA of 184.60 signalling near term weakness for the commodity.? If the uptrend is sustained, nat gas may target 184.60 in the short term ?where it could face resistance.
?Warmer than normal temperatures continue to drive Nat Gas prices lower. It is in the mid- 50's in the New York area on January 9... the heart of the winter heating season. Temperatures are forecast to remain above normal along the high Nat Gas consumption area of the east coast at least into the third week of January,?according to CME Group report.
Copper February at MCX has gained 0.55% to Rs 449.80? per kg and RSI of 59.21 is mildly bullish for the commodity and market is above 20 day SMA of 443.62 and 8 day EMA of 448 showing near term strength in the metals bellwether.
On Wednesday, 3-month copper at London Metal Exchange had gone lower to $8095 per ton after opening higher this year at $8112 per ton from as investors trimmed risk on the unfolding corporate earnings season, but hopes that Chinese trade data this week will show the world's top metals consumer extending its recovery helped support prices, CME Group report said.
Crude Palm Oil prices fell in MCX tracking weak trends in Bursa Malaysia where CPO March fell to 2375 ringgits per ton. The shipments headed for China from Malaysian ports? has fallen on stricter quality control measures for imported cooking oils from January 1.? At MCX, CPO January contract rose to near 450 levels recently before falling back to 437.80 as recovery has halted and prices are in retreating mode on global cues.
MCX Potato is witnessing uptrend after a recent fall to 736 has rebounded strongly to touch 801 and is showing a sideways trend and RSI of 55, MACD in positive territory signal near term mildly bulish sentiments prevailing in market.
Mentha Oil January has fallen 0.83% to 1400.60 and RSI of 48.29 is neutral and prices are below 20 day sma of 1414.51, sideways trend is indicated.
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