MS Ingot prices slipped further in both physical & futures market. Activities remained dull on account of Guru Nanak Jayanti.
Ingot at Mandi Gobindgarh traded between Rs. 32,200-32,400/ MT during the day. Similarly, Gaziabad market also witnessed trade at Rs.32,100-32,300/MT i.e. lower by Rs.500 from yesterday's quote.
Whereas, Ingot at Raipur corrected with trade taking place at Rs 30,200- 30,500/MT i.e. down by Rs Rs 300/MT from the previous close.
Futures market remained closed till 5.00 pm. But as soon as it commenced trade, Steel Long November contract traded higher than spot market of Ghaziabad. It was the first high since July 2010. After trading at the same level yesterday, market players waited to see in which direction the prices move. So, the futures trading higher that the spot market gave a positive indication for prices to remain firm in the near term.
Whereas, in the International market, European and US economy is going through a crisis, Italy and Greece are on the verge of default. Stock markets across world have corrected over 2-3 %.
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