Natural gas futures traded lower ahead of the US inventory report, while nickel futures gained as supply worries continue to impact the metal on the Multi Commodity Exchange (MCX) during the initial hours of trading on Thursday.
February natural gas futures were trading at ₹288.30 on MCX in the initial hour of Thursday morning, against the previous close of ₹291.90, down by 1.23 per cent. February futures of natural gas were at $4.017 on NYMEX, down by 0.07 per cent.
Reports said the US natural gas futures inventories were likely to increase and forecasts for weather less cold than usual in that country for the next two weeks also acted as a dampener. Reports also added that there was fall in natural gas prices in Europe.
In spite of this, there is a good demand for US natural gas as many markets across Europe want to replenish their stockpiles, and there is also good demand for natural gas from Asia.
On MCX, January nickel futures were trading at ₹1805 in the initial hour of Thursday morning as against the previous close of ₹1,729.90, up by 4.34 per cent. Nickel futures also traded high on Shanghai Futures Exchange and London Metal Exchange.
Market reports said that good demand from stainless steel and electric vehicle sectors and dwindling supplies led to the increase in the prices of nickel in China.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), February maize futures were trading at ₹1,950 in the initial hour of Thursday morning as against the previous close of ₹2,019, down by 3.42 per cent.
February guar gum contracts were trading at ₹12,000 on NCDEX in the initial hour of Thursday morning against the previous close of ₹12,106, down by 0.88 per cent.