Pure fuel futures edged decrease to Rs 146 per mmBtu on September 21 as members elevated their quick positions. The commodity declined 9.74 p.c final week on the NYMEX.
Costs trended decrease after US authorities information revealed a bigger than anticipated weekly improve in home provides of the gas.
Additionally weighing on the worth was a Nationwide Oceanic and Atmospheric Administration forecast of a gentle winter in its three-month temperature outlook.
Within the futures market, pure fuel for September supply touched an intraday excessive of Rs 148.90 and a low of Rs 144.80 per mmBtu on the Multi-Commodity Change (MCX). Up to now within the present collection, pure fuel has touched a low of Rs 131.30 and a excessive of Rs 203.
Pure fuel futures for September supply slipped Rs 4.50, or 2.99 p.c, to Rs 146 per mmBtu at 15:14 hours IST on a enterprise turnover of 16,098 tons. The identical for October decreased Rs 0.60, or 0.31 p.c, to Rs 192.20 per mmBtu on a enterprise quantity of two,265 tons.
The worth of September and October’s contracts traded thus far is Rs 840.49 crore and Rs 52.01 crore, respectively.
“An intraday pullback could possibly be seen in pure fuel however the upside too will probably be capped at Rs 152-155 as it should act as sturdy resistance,” mentioned Motilal Oswal.
At 09:51 (GMT), the pure fuel costs had been down 3.42 p.c at $1.97 per mmBtu in New York.
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First Revealed on Sep 21, 2020 03:44 pm