“Steel-long at NCDEX has support at Rs 32,600 for Nov contract”- Reports

Kotak Commodity has come out with its report on base metals. According to the research reports NCDEX Steel-long may trade with a positive bias amid lower production however lack of demand in domestic markets may cap the upside. Support for NCDEX Steel November contract is seen at Rs.32600 while Resistance is seen at Rs.33400.

SteelLong November contract on Tuesday traded between Rs 32,700- 32,900/MT, i.e. higher by Rs 300-500/MT from the spot prices prevailing at Ghaziabad.

Ingot prices at Raipur went up by Rs 500/MT as most of the steel mills decided to go on a strike in order to protest the short supply of raw material & higher power tariffs.