MCX natural gas continues its high volatile price swings with the February contract down over 2% in afternoon trade on Monday. The contract opened lower at Rs 123.10 and is trading at Rs 120.90 as of 12:18 PM IST.
At the Multi Commodity Exchange of India (MCX), precious metals and energies posted solid gains for the week Feb 06- Feb 10, 2012. Base metals weakened except for copper which rose over 1%. In India, Commodity Transaction Tax once again sparked debate as the FICCI and ASSOCHAM opposed the government's proposed move. Indian IIP numbers came out much weaker than expected, dampening investor confidence.
The global oil and gas industry is making a steady recovery from economic crisis, as evident by the steady rise in investments and rising prices of crude oil. Increasing demand for electricity, growing need for feedstock in petrochemical industries, and rising consumption of transportation fuel are some of the factors contributing to this recovery
India crude oil import prices have risen to Rs 5733.41 on Friday in rupee terms from Rs 5651.88 recorded on Thursday.
