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Natural gas futures ease on muted global trend; technicals stay positive

The commodity has been trading higher than 20, 50, 100, and 200-day simple and exponential moving averages but lower than the 5-day SMA and EMA on the daily chart.

Mumbai / October 29, 2021 / 03:22 PM IST
The momentum indicator Relative Strength Index (RSI) is at 55.73, which indicates a positive movement in the price.

The momentum indicator Relative Strength Index (RSI) is at 55.73, which indicates a positive movement in the price.

Natural gas futures marginally lowered on October 29 as traders raised their bearish bet as seen by the open interest. The gas price had tumbled 7.51 percent on Thursday on the NYMEX.

The energy commodity recovered earlier losses to trade in the red in the afternoon session, tracking a subdued global trend.

On the MCX, natural gas delivery for November fell by Rs 2.20, or 0.50 percent, to Rs 433.50 per mmBtu at 2.45 pm with a business turnover of 4,670 lots.

Gas delivery for December dropped by Rs 2, or 0.45 percent, to Rs 441.70 with a business volume of 963 lots.