MS
Ingot prices slipped down yesterday at both physical & futures market.
Ingot at
Mandi Gobindgarh traded between Rs. 33,300-32,600/ MT during the day. Gaziabad market also witnessed trade at Rs.33,300-500/ MT i.e. lower by
Rs.500-700/MT from the previous trade. On NCDEX, Nov’11 contract opened at Rs.31,860/MT, moved towards the day's
high of Rs.31,950/MT before touching the low of Rs.31,700/MT.
Prices at NCDEX moved
within a range of Rs.250/MT during the yesterday's trade and close to 20,150 MT of Steel traded on the electronic platform.
Sales of finish steel is one of the major concerns across the pan India
region. A sudden spike in prices was also seen due to power shortage but it seems to cool
down after the Government's assurance over adequate
coal supply to the power generation companies.
Yesterday, Gaziabad
traded at a premium to Mandi Gobindgarh by Rs. 700/MT which earlier was
trading at a premium by Rs.300/MT. Whereas, Ingot at Mumbai traded at discount of Rs.2300/MT to
Gaziabad yesterday .
Currently, markets are
in backwardation for October'11 contract. Difference between the spot &
futures at Gaziabad was Rs. 4000/MT. October – November'11
contract witnessed spread of Rs. 1800-2300/MT and around 4530 MT of Open interest was added to the contract bringing the cumulative Open Interest to 67,050 MT.
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