Natural gas futures climb over 6% on firm global trend, analysts say adopt buy on dips strategy

Natural gas futures climb over 6% on firm global trend, analysts say adopt buy on dips strategy

Ventura Securities' NS Ramaswamy advised his clients to buy MCX NATURAL GAS NOVEMBER in the range of Rs 395 to Rs 400 for the target of Rs 430-450 with a stop loss below Rs 380.





Mumbai / October 25, 2021 / 03:14 PM IST





Natural gas futures surged on October 25 as participants rolled over their bullish bet as seen by open interest. November series gas price had tumbled 4.51 percent last week on the MCX.

The energy commodity traded in the green since morning, tracking the bullish overseas cue.

On the MCX, natural gas delivery for October climbed Rs 24, or 6.12 percent, to Rs 416.10 per mmBtu at 2.31 pm with a business turnover of 1,470 lots.

Gas delivery for November soared by Rs 22.40, or 4.49 percent, to Rs 430.10 with a business volume of 4,398 lots.

The value of October and November contracts traded, so far, stood at Rs 265.09 crore and Rs 543.77 crore, respectively.

MCX Enrgdex advanced by 136 points or 2.10 percent at 6,624 at 2.34 pm. The index tracks the real-time performance of MCX Crude Oil and MCX Natural Gas futures.

NS Ramaswamy, Head of Commodities, Ventura Securities said, “MCX NATURAL GAS prices have