Natural gas futures are quoting in red in Asian trades, extending a broad downward range after its smashing gains in end July. The commodity has dipped in the current month on ideas that above-normal temperatures will continue in the US and will continue to boost demand for gas-powered electricity to run air conditioning. Yesterday, Natural gas for September delivery on the New York Mercantile Exchange dropped more than 3 cents at $2.933 mmbtu. Benchmark futures are quoting at $2.906 per mmbtu, down 0.80% on the day right now. The equities are quoting with gains in Asia but Natural gas is in red, being one of the only commodities to do so. Industrial production in China rose less-than-expected last month, official data showed on Thursday. In a report, National Bureau of Statistics of China said that Chinese industrial production rose to 9.2%, from 9.5% in the preceding month. However, the gains in risky assets were primarily due to expectations of the central bank of China continuing with its monetary easing stance. Chinese Consumer price index came at 1.8% for July as against 2.2% in last month. MCX Natural gas futures for August are quoting at Rs 161.10, down Rs 0.60 per mmbtu on the day. Prices could drop further in case Rs 160 mark gives up.
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