By Sreekumar Raghavan
Natural Gas futures at New York Mercantile Exchange (Nymex) and in India?s Multi Commodity Exchange (MCX) as recent reports on weather for the next two weks appear supportive for higher levels of Nat Gas heating related consumption.
At Nymex, Nat Gas rose 0.061 cents to $3.254 per Mmbtu while MCX Natural Gas has risen to 179.12 per Mmbtu with 20 day moving average at 184.06. On daily charts, RSI of 40.99 is not bullish but MACD is negative.
?The last few weeks of January could prove to be a transition to the long awaited more normal winter like weather and thus a more normal withdrawal pattern from inventory,? according to a report in CME.
?Silver March fell 0.17% to 58567 per kg with RSI of 45.42 in neutral territory and MACD negative. Copper February fell to 447.55 but still above 20 day SMA of 443.82 and MACD is positive. RSI of 55.09 is mildly bullish for the commodity.
WTI Crude Oil fell to $93.35, MCX Jan Crude Oil has fallen 0.50 percent to 5107 per barrel and above 20 day SMA of 5032.85. RSI of 63.44 is bullish and volumes quite good.
MCX Feb Gold fell a tad lower to 30902 and RSI of 46.95 is not bullish and MACD is negative. Prices are just above 20 day SMA of 30837. MCX Gold is tracking weak sentiments in Comex Gold which has fallen $4.4 to $1673.6 in electronic trading on Friday.
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