TODAY'S SESSION RECAP
Copper dominated MCX today, closing ₹1413.3/kg, +1.92%, on persistent China demand optimism offsetting global supply concerns. NatGas retreated sharply to ₹274.4/mmBtu, -2.42%, pressured by US inventory builds and cooler demand forecasts. Gold and silver barely moved — ₹152605/10g (-0.14%) and ₹239425/kg (+0.17%) respectively. Crude held flat at ₹8734/bbl (-0.30%) despite intraday volatility spanning ₹258/bbl. Copper's outperformance reflected sector rotation into cyclical commodities ahead of potential Chinese infrastructure stimulus announcements.
HOW MCX CLOSED VS THE DAY'S RANGE
Copper closed in the upper half of its ₹27-point range, finishing ₹1413.3 just 2 points below the day's high of ₹1415.4, demonstrating bullish structure and conviction into close. NatGas, conversely, faded sharply — closing ₹274.4, only 1.2 points above the low of ₹272.6 but 11.5 points below the high of ₹285.9. This represents a complete unwind of intraday gains, signaling seller dominance and weakness in the final 90 minutes. Gold and silver traded within tight, lateralised ranges — defensive positioning evident.
WHAT COMEX IS DOING NOW
COMEX Gold is retreating -1.07% to 4428.70 $/oz, diverging from MCX's flat close. WTI Crude is surging +1.49% to 92.84 $/bbl — bullish for tomorrow's MCX open. Henry Hub Gas mirrors NatGas weakness at -1.75% to 2.92 $/mmBtu. US session is confirming the NatGas bearish signal but contradicting crude's sideways MCX close — mixed overnight signal.
OVERNIGHT WATCH LIST
Monitor Copper's resistance at ₹1415 (today's high) and support at ₹1389 (S1 level). NatGas critical support at ₹273 (5-day low). US crude inventory data (EIA release, typically 10:30 PM IST Thursday) will reset crude direction. Watch for overnight China PMI whispers ahead of Friday's official release.
Overnight watch: US EIA crude inventory data — bearish surprise could pressure MCX Crude below ₹8700.