Base Metals & Energy
D A I L Y B U Z Z
NATURAL GAS
Natural Gas futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as forecasts for a cold snap in the US in the coming days bolstered the demand outlook for the heating fuel. Latest weather forecasts showed frigid weather spanning from the Great Lakes-region to the Northeast through February 26, 2015. At the MCX, Natural Gas futures for February 2015 contract closed at Rs 174.30 per 1 kg, up by 3 per cent after opening at Rs 170.7, against the previous closing price of Rs 169.2. It touched the intra-day high of Rs 176.50 till the closing.
LEAD
Lead prices weakened by 0.22 per cent to Rs 112.85 per kg in futures trade today as speculators offloaded positions driven by subdued demand in the spot market. However, the metal's strength at the London Metal Exchange, cushioned the fall. At the Multi Commodity Exchange, lead for delivery in March shed 25 paise, or 0.22 per cent, to Rs 112.85 per kg in a business turnover of two lots. Likewise, the metal for delivery in February traded lower by 15 paise, or 0.13 per cent, to Rs 111.70 per kg in 139 lots. Market analysts said a weak trend at domestic spot markets on subdued demand from battery makers mainly led to a fall in lead prices at futures trade here.
