TODAY'S SESSION RECAP

NatGas dominated MCX's bearish close, sliding 2.36% to ₹273/mmBtu—the day's largest loser. Silver followed with a -0.89% retreat to ₹239455/kg. Weakness across the energy complex reflected a softer US session: Henry Hub Gas slumped 2.78% to 2.83 $/mmBtu while WTI Crude accelerated losses to -4.06% at 92.18 $/bbl. The selling pressure suggests demand concerns and possible supply build expectations ahead of US inventory data. Gold and silver ceded ground alongside equity weakness, though copper managed a marginal +0.57% gain to ₹1411/kg—a rare bright spot in otherwise red territory.

HOW MCX CLOSED VS THE DAY'S RANGE

NatGas closed near session lows: ₹273 final price versus intraday high of ₹277.6 and low of ₹271.3 (₹6 range). The commodity spent most of the afternoon retreating from its high—classic fade-into-close structure signaling sustained selling pressure. Silver similarly underperformed its range: closing at ₹239455 after touching ₹242175 intraday (₹3125 range). Both commodities retreated from highs, failing to hold morning gains and printing lower closes—a bearish structural pattern for overnight sentiment.

WHAT COMEX IS DOING NOW

COMEX is confirming MCX weakness across the board. Gold trades at 4383.90 $/oz (-0.93%), silver at 66.60 $/oz (-0.82%), mirroring MCX's downside. WTI's sharp -4.06% drop to 92.18 $/bbl underscores energy sector rout. Copper showed resilience earlier but US session momentum remains decisively bearish. This is a risk-off environment: precious metals selling alongside energy weakness signals broader demand pullback rather than isolated sector moves.

OVERNIGHT WATCH LIST

Key levels: NatGas support at ₹271 (5-day low); Silver support at ₹239050 (today's low). Data: US crude inventory report due Wednesday morning (EIA release) will set tone for crude and NatGas correlation. Henry Hub closing print at 2.83 $/mmBtu establishes overnight floor; break below 2.80 $/mmBtu signals further downside.

Overnight watch: US crude inventory release Wednesday morning—inventory build expectations are driving current NatGas and crude selloff. Monitor 2.80 $/mmBtu Henry Hub for intraday floor.