Extreme cold weather in USA pushed US natural gas futures to a whopping 27% increase in prices in January to $5.325 per MMBTU while at India's Multi Commodity Exchange, natural gas for February delivery rose from a low of Rs 245.70 per MMBTU to Rs 328.10 per MMBTU.
Unusually cold weather has caused huge drawdowns on gas storage. Gas stockpiles were seen at 2.423 trillion cubic feet as of January 17, 13.2% below the five year averae and 19.8% less than year-ago supplies, according to Energy Information Administration data.
US Gold futures for February delivery is down to $1255 an ounce. as announcement of further tapering measures by US Federal Reserve weakened the demand for safe haven assets. US Silver for March delivery has dropeed to $19.385 per ounce.
At MCX, Gold for February delivery is down 0.39% to Rs 29621 per 10 grams with weakness in Rupee provding some support.
Metals has been knocked down for the near term on US Fed tapering news and China's manufacturing data. US Copper fell to a seven week low on Thursday at Comex division of New York Mercantile Exchange. copper futures for March delivery fell to a session low of USD3.231 a pound, the weakest since December 9, before trimming losses to trade at USD3.235 during European morning hours, down 0.15%.
Copper for February delivery at MCX fell 0.54% to Rs 450.50 per kg.
Metals has been knocked down for the near term on US Fed tapering news and China's manufacturing data. US Copper fell to a seven week low on Thursday at Comex division of New York Mercantile Exchange. copper futures for March delivery fell to a session low of USD3.231 a pound, the weakest since December 9, before trimming losses to trade at USD3.235 during European morning hours, down 0.15%.
Copper for February delivery at MCX fell 0.54% to Rs 450.50 per kg.
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