Steel futures declines on profit booking
Prices of mild steel ingots today declined on the futures market due to weak global cues and profit booking by investors.
By PTI |
NEW DELHI: Prices of mild steel ingots today declined on the futures market due to weak global cues and profit booking by investors.
In June contract at NCDEX, the mild steel ingots were trading down by Rs 390 per tonne at Rs 31,710 per tonne at 1330 hours, in July contract prices were down by Rs 520 per tonne at Rs 32,170 per tonne and August contract was down by Rs 1,350 per tonne at Rs 32,550 tonne.
The downward trend in the prices can be attributed to technical resistance after the prices reached Rs 32,500 per tonne and the upward moment of crude oil prices after correction, said Religare Commodities's Metals and Energy In-Charge Somnath Dey.
According to Karvy Comtrade Analyst G Harish, "After the Rs 30,000 level rally last week, traders were trying to book their profits."
He said the monsoon is about to begin and concern of slowdown the construction activities can be another reason for the decline in prices.
In June contract at NCDEX, the mild steel ingots were trading down by Rs 390 per tonne at Rs 31,710 per tonne at 1330 hours, in July contract prices were down by Rs 520 per tonne at Rs 32,170 per tonne and August contract was down by Rs 1,350 per tonne at Rs 32,550 tonne.
The downward trend in the prices can be attributed to technical resistance after the prices reached Rs 32,500 per tonne and the upward moment of crude oil prices after correction, said Religare Commodities's Metals and Energy In-Charge Somnath Dey.
According to Karvy Comtrade Analyst G Harish, "After the Rs 30,000 level rally last week, traders were trying to book their profits."
He said the monsoon is about to begin and concern of slowdown the construction activities can be another reason for the decline in prices.
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