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- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
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Natural gas for delivery on January is having crucial resistance at Rs.182 and may find support at Rs.168. Inventory data expected for Thursday evening may prove to be positive for the prices; so intra-day traders may take a long position in natural gas above Rs.173 with strict stop loss of Rs.171 and wait for the target near Rs 175 and Rs.178.
Short-term traders may take a short-sell position in natural gas around Rs.178-180 with stop loss of Rs.182 and wait for the target near Rs.168 and Rs.165.
However, coming sessions may see bearish trend gripping the futures as US weather data is not favourable.
On Thursday, the futures opened positive on the MCX subsequent to prices dipping sharply on Wednesday after it hit the lowest level in 15 weeks as forecasts of mild weather dampened sentiments.
If prices move up further, then it is a good opportunity for the natural gas traders to take a short sell position at higher levels. On India's MCX, natural gas for delivery on January 28 was seen trading at Rs.172.70/mmBtu a gain of 1.17% as of 04.47 PM IST.
Natural gas for delivery on February 13 on the NYMEX was seen trading at $3.148 a gain of 0.035 or 1.14% as of 04.57 PM IST. (Ankush Kumar Jain is Research Analyst, Commodity Online)
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