TODAY'S SESSION RECAP
Energy dominated MCX today. MCX NatGas surged ₹278.5/mmBtu, +3.03%, climbing ₹7.7 off lows on monsoon-driven power demand signals. MCX Crude advanced ₹7943/bbl, +1.35%, gaining ₹106 from the session low despite refineries entering maintenance season. WTI's overnight extension (+0.87%) supported both contracts. Precious metals reversed: Gold fell ₹1.28% to ₹160790/10g, Silver dropped ₹1.22% to ₹241157/kg on dollar firmness (USD/INR at ₹95.40). Copper dipped ₹0.38% to ₹1383.15/kg.
MCX CLOSED VS RANGE
NatGas closed near mid-range: High ₹279.4, low ₹270.8, close ₹278.5 — pulled back ₹0.9 from intraday peak, suggesting profit-taking into close but maintaining upper-half positioning. Crude closed firmly elevated: High ₹7962, low ₹7602, close ₹7943 — just ₹19 below high, signaling bullish structure with buyers holding late. Gold and silver both faded from session highs, closing near lows on late USD strength.
WHAT COMEX IS DOING NOW
COMEX affirming energy strength: Henry Hub Gas at 2.90 $/mmBtu, +4.80% — US overnight session dramatically outpacing MCX's +3.03%, signaling sustained weather premium. WTI Crude at 83.08 $/bbl, +0.87%, confirming MCX's directional bias. COMEX Gold at 4651.70 $/oz, +0.29% — modestly positive despite MCX selloff, indicating rupee depreciation (not global gold weakness) drove MCX decline.
OVERNIGHT WATCH LIST
NatGas resistance: ₹279 (today's high); support at ₹271 (S1). Crude resistance: ₹7962 (high); support at ₹7782 (S1). Monitor US EIA crude inventory release (Thu 1:30 am IST) and Indian monsoon updates — both could trigger volatility at MCX open.
Overnight watch: EIA crude inventory data (Thursday 1:30 am IST) — if inventory builds exceed expectations, crude's overnight momentum may reverse at MCX open.