In the futures market, natural gas for June delivery touched an intraday high of Rs 138.40 and an intraday low of Rs 136.40 per mmBtu on MCX.
Natural gas futures rose to Rs 138 per mmBtu on June 9 as participants increased their long positions.
The price rise was supported by supply disruption caused by storm activity in Atlantic, decline in US natural gas rig count and expectation of a pick-up in demand.
In the futures market, natural gas for June delivery touched an intraday high of Rs 138.40 and an intraday low of Rs 136.40 per mmBtu on the Multi-Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 132.50 and a high of Rs 179.10.
Natural gas futures for June delivery gained Rs 2.70, or 2 percent, to Rs 137.70 per mmBtu at 14:46 hours IST on a business turnover of 13,469 lots. The same for July delivery jumped Rs 2.40, or 1.68 percent, to Rs 145.60 per mmBtu on a business volume of 1,192 lots.
The value of June and July contracts traded so far is Rs 433.97 crore and Rs 11.92 crore, respectively.
Natural gas is expected to trade positively with support at Rs 134 and Rs 136 levels, according to Motilal Oswal. The broking firm advised its clients to buy on dips targeting higher resistance at Rs 140-142.
At 09:19 (GMT), the natural gas price was up 1.57 percent quoting at $1.81 per mmBtu in New York.
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