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“Intra-day traders are advised to book profit in narrow range for natural gas,” said Amrita Mashar, Research Analyst at Commodity Online.

23 Apr 2013

MUMBAI(Commodity Online): Trend of natural gas on India's MCX for April delivery is still unclear and may trade in narrow range for the day. The commodity is likely to have good support at 230 and resistance at 233, according to our analyst.

“Intra-day traders are advised to book profit in narrow range for natural gas,” said Amrita Mashar, Research Analyst at Commodity Online.

MCX natural gas futures for April delivery was up by 0.30% percent at Rs.231.70 per mmBtu as of 05.13 PM IST on Tuesday.

MCX crude April opened down by 0.10% on weak fundamental and selling pressure in international market.

Natural gas opened lower after forecasts of warmer weather which sparked a round of profit taking.

US natural gas prices have shifted upward as the near-term weather forecast became colder. Despite near-term headwinds from trade flows, Barclays continue to believe the spread between calendar 2014 and calendar 2015 should widen from a fundamental perspective.

Natural gas futures for May delivery on New York Mercantile Exchange (NYMEX) was up by 0.07 percent at $ 4.298 per Mmbtu as of 05.25 PM IST on Tuesday.


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