MCX Natural Gas Falls 2.65% on Broad Commodity Weakness

WHAT HAPPENED MCX Natural Gas declined to 304.7 INR/mmBtu at 08:48 pm IST, extending a -2.65% loss from the previous close. The slip reverses the +3.64% rally seen at 03:29 am IST and mirrors weakness across the commodity complex: MCX Silver crashed -3.85%, MCX Gold fell -1.46%, and MCX Copper retreated -0.52%, while USD/INR held steady at 95.25 INR. The pullback suggests profit-taking after yesterday's recovery attempt.

WHAT IT MEANS Natural Gas traders are caught between yesterday's intraday highs (313.2 INR/mmBtu) and today's lower lows, signaling consolidation within the 24-hour band of 288.4–313.1 INR/mmBtu established over the past sessions. Cross-asset correlation with silver and gold weakness indicates demand concerns outweighing supply narratives; rupee stability at 95.25 INR removes currency hedging as a buffer.

WHAT TO WATCH Break below 300 INR/mmBtu support would confirm downside momentum toward the 297.7 INR/mmBtu level printed at 03:57 pm IST today. Hold above 305 signals consolidation continuation.