Steel futures up on heavy buying

Steel prices improved by Rs 300 or 0.38 per cent to Rs 27,100 per tonne in futures trade today as traders preferred to increase positions at existing lower levels on the back of restricted supply in spot markets. Marketmen said,increased buying by traders and firming trend in physical markets pushed up steel prices. Tight supply …

Steel prices improved by Rs 300 or 0.38 per cent to Rs 27,100 per tonne in futures trade today as traders preferred to increase positions at existing lower levels on the back of restricted supply in spot markets.

Marketmen said,increased buying by traders and firming trend in physical markets pushed up steel prices.

Tight supply following power cut at manufacturing areas against increased buying by construction houses supported the uptrend,they added.

At the National Commodity and Derivatives Exchange (NCDEX) counter,steel prices for July-month contract shot up by Rs 300 or 0.38 per cent to Rs 27,100 per tonne,with an open interest of 16,160 lots.

May contract delivery also followed suit and rose marginally by Rs 60 or 0.23 per cent to Rs 25,800 per tonne,clocking an open interest of 90,070 lots.

On the other hand,the steel far September contract lost Rs 520 or 1.83 per cent to Rs 27,930 per tonne,with an open interest of 20 lots,as speculators refrained from creating any fresh positions.