In the futures market, natural gas for June delivery touched an intraday high of Rs 126 and an intraday low of Rs 124.10 per mmBtu on the MCX
Natural gas futures declined to Rs 124.80 per mmBtu on June 23 as participants increased their short positions.
In the futures market, natural gas for June delivery touched an intraday high of Rs 126 and an intraday low of Rs 124.10 per mmBtu on the Multi Commodity Exchange (MCX). So far in the current series, natural gas has touched a low of Rs 122.10 and a high of Rs 179.10.
Natural gas futures for June delivery slipped Rs 1.10, or 0.87 percent, to Rs 124.80 per mmBtu at 15:16 hours IST on a business turnover of 18,561 lots.
The same for July delivery edged lower by Rs 1.70, or 1.28 percent, to Rs 130.90 per mmBtu on a business volume of 5,574 lots.
The value of June and July contracts traded so far is Rs 423.24 crore and Rs 61.94 crore, respectively.
Natural gas is expected to trade negatively with resistance at Rs 129 and Rs 127 levels, according to Motilal Oswal. The broking firm advised its clients to sell on a rise targeting lower support at Rs 123-121.
At 09:49 (GMT), the natural gas price was down 1.27 percent at $1.71 per mmBtu in New York.
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