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December natural gas futures and the January crude oil futures gained 2.15 per cent and 1.48 per cent, respectively, in the initial hour of morning trading on the Multi Commodity Exchange (MCX) on Monday.
On MCX, December natural gas futures were trading at ₹304.10 against the previous close of ₹297.70; and the January crude oil futures were trading at ₹5,496 against the previous close of ₹5,416 on Monday morning.
Market reports noted that the winter demand from South Korea, and from other major economies such as India and China led the price rise in Asia. In the US market, the expectations of slightly colder temperatures during the winter season are boosting the demand.
Also read: Natural gas gains on MCX in line with rise in Europe; rubber down
January futures of natural gas were trading $4.011 on NYMEX, up by 3.14 per cent. Reports said that new weather models suggest that some parts of the US could face significantly colder temperatures during December.
With the fears of the impact of omicron variant of corona virus on economy coming down, the global markets are expecting a good demand for crude oil.
The February Brent oil futures were trading at $76.09, up by 1.25 per cent; and the January crude oil futures on WTI were trading at $72.52, up by 1.19 per cent.
The December futures of guar gum were up by 2.13 per cent on the National Commodities and Derivatives Exchange (NCDEX) in the Monday morning trading. The December futures of guar gum were trading at ₹10,450 on NCDEX as against the previous close of ₹10,232 in the initial hour of Monday morning.
Guar gum gains when crude oil prices gain as the commodity is used in oil extraction.
On MCX, the December mentha oil futures were trading at ₹956 in the initial hour of Monday morning against the previous close of ₹962, down by 0.62 per cent.
On NCDEX, the December crude palm oil futures were trading at ₹1,104 against the previous close of ₹1,116, down by 1.08 per cent.
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