MS Ingot prices traded lower before futures expiry, prices at major physical markets, traded range bound.
Prices at Mandi Gobindgarh traded between Rs. 36,200-36,300/t during the day, Gaziabad markets witnessed trade at Rs.36,400-500/t. On NCDEX prices for April' 12 contract opened at Rs.34,200/t, moved towards day high at Rs.33,840/t (Expiry on 18th April)
Market participants believe that corrections are not expected in physical market looking at cost pressure. Prices likely to be range bound in short to medium term.
“Markets generally correct before expiry, but deep correction is unexpected.Certainly demand is poor on agricultural season and most of labors are not available, resulting low construction activity.” said an Ingot manufacturer based in Raigarh.
Leave a Reply