Wednesday, 17 November,
Steel long on NCDEX over the past few months has been quite difficult to decipher as it has been indicating a negative trend in the futures prices whereas such fall in physical markets is unacceptable owing to a already bottomed margins / conversions / prices.
Steel long futures product on NCDEX was introduced as a tool to hedge against physical risks and not to bring manipulative impact on the physical ingot markets, said Mr. Ashok Surana, President, Chhattisgarh Mini Steel Plant Assocation.
The currently prevailing backward situation between futures market and physical markets at Ghaziabad and Mandi Gobindgarh is clear sign of the market being driven by speculative trading.
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