Commodities
MCX Natural Gas Prices to Watch on Tuesday: Support at Rs 260, Resistance at Rs 265
The outlook for natural gas is cautiously positive on Tuesday, August 25, after MCX Natural Gas closed flat at Rs 265 per mmBtu on Monday. The immediate support level to watch is Rs 260, and a hold above this could target Rs 265.
Global commodity markets closing overnight and the USD-INR rate will be the primary determinants of the direction for Tuesday's natural gas prices. Ankit Jaiswal at Univest recommends aligning with COMEX and LME trends before placing MCX positions based on the natural gas prediction for tomorrow.
The natural gas range-bound trading in global markets is driven by balanced LNG supply-demand dynamics, keeping MCX prices in a tight band. A break above Rs 265.40 would signal a bullish shift in the natural gas session.