Steel futures at NCDEX drop on poor offtake in spot markets
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Friday, 23 Apr 2010
ET reported that steel futures prices fell by INR 670 to INR 28,000 per tonne on April 22nd 2010 following weak spot markets sentiments.
At the National Commodity and Derivatives Exchange counter, steel price for far month July contract declined by INR 670 or 2.34% to INR 28,000 per tonne with an open interest of 1,510 lots.
It said that current May contract also slipped by INR 250 or 0.92% to INR 26,910 per tonne, witnessing an open interest of 92,030 lots.
Market men said lower spot market sentiment on slackness in demand amid ample supply of raw materials resulted in fall in steel futures prices.
(Sourced from ET)
