Henry Hub collapsed 2.94% to $3.15/mmBtu, pulling MCX NatGas down 1.36% to ₹298/mmBtu — within ₹2 of the 20-day support at ₹296. The trigger was a larger-than-expected US storage injection, signalling demand weakness heading into mid-summer before peak cooling load arrives. The twist: MCX NatGas is trading ₹6 below its 20-SMA of ₹304 — historically, sustained breaks below the 20-SMA in June have resolved upward by July as Indian CGD and fertiliser demand firms. Meanwhile, COMEX Silver pushed +0.56% to $70.89/oz, lifting MCX Silver 1.24% to ₹251,500/kg; at USD/INR ₹94.53, every dollar gain in COMEX Silver adds roughly ₹3,040/kg to MCX prices, amplifying the import cost impact directly. Gujarat Fluorochemicals, a silver-intensive specialty chemicals producer, faces raw material procurement costs rising by an estimated ₹12–18 crore per tonne at this COMEX level versus the monthly average.
Watch: MCX NatGas ₹300 — a reclaim tomorrow opens a retest of ₹304 (20-SMA); a rejection keeps the ₹296–₹297 support band in play at open.