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“Intra- day trader can enter into buying deal above 178 with stoploss of 176 for target near 180. Traders are advised to stay on buying side,” said Amrita Mashar, Research Analyst, Commodity Online.

12 Feb 2013

MUMBAI(Commodity Online): On the MCX, natural gas for February delivery is trading on a negative note. It has a crucial support at 175 and resistance at 180, as per our analyst.

“Intra- day trader can enter into buying deal above 178 with stoploss of 176 for target near 180. Traders are advised to stay on buying side,” said Amrita Mashar, Research Analyst, Commodity Online.

Natural gas traded on a positive note yesterday and opened slightly positive today as weather services issued forecasts for a warming trend to settle into the central and northeastern parts of the US.

Natural gas prices fell after the weather services indicated that colder than normal temperatures will melt down in US. But the commodity was led back to positive territory by bargain hunters.

A warming trend setting over the heavily populated Northeast and Midwestern areas of the country was shown in the updated weather forecast model. It indicates a warmer to near-normal temperature becoming the norm in the next six to 10 days.

MCX natural gas futures February delivery was down by 0.51 percent at Rs. 178.10 per mmBtu as of 04.18 PM IST on Tuesday.

Natural gas futures on New York Mercantile Exchange (NYMEX) was up by 0.05 percent at $ 3.280 per Mmbtu for March delivery as of 04.21 PM IST.


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