December natural gas futures declined by 2.69 per cent on the Multi Commodity Exchange (MCX) on Tuesday afternoon as globally prices dropped on the forecast of a mild winter this year. On MCX, December natural gas futures were trading at ₹289.40 against the previous close of ₹297.40 on Tuesday afternoon.
Reports said the forecast of milder than normal weather in the US during this month affected the price of natural gas. Market participants felt this would lead to lower demand for the commodity for heating. January futures of natural gas were trading $3.781 on NYMEX, down by 0.34 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), the December futures of castorseed and jeera gained 1.79 per cent and 1.20 per cent, respectively, on Tuesday afternoon trading.
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The December castorseed futures were trading at ₹6,158 on NCDEX as against the previous close of ₹6,050, and the December jeera futures were trading at ₹16,070 on Tuesday afternoon against the previous close of ₹15,880.
On Tuesday afternoon, the December steel (long) futures were trading at ₹43,200 on NCDEX as against the previous close of ₹44,660, down by 3.23 per cent.