Steel gains in futures trade on increased buying

Written by Agencies | New Delhi | Updated: Jun 30 2011, 22:12pm hrs
Steel prices moved up by Rs 320 to Rs 30,020 a tonne in futures trading on Thursday following increased buying by traders on the back of low supply and rising demand in physical markets.

Market analysts said pick-up in demand from furnaces amid restricted supply in spot markets mainly influenced the trading sentiment in future markets.

At the National commodity and Derivatives Exchange, steel long prices for delivery in July rose by Rs 320, or 1.08 per cent, to Rs 30,020 a tonne, with trade volume of 37,230 lots.

Likewise, prices for delivery in August moved up by Rs 190, or 0.65 per cent, to Rs 29,600 a tonne, with an open interest of 4,910 lots.