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This is an archive article published on April 29, 2010

Steel futures slip on selling pressure

Steel prices fell by Rs 150 or 0.55 per cent to Rs 26,920 per tonne in futures trading today on selling by speculators at existing higher levels.

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Steel prices fell by Rs 150 or 0.55 per cent to Rs 26,920 per tonne in futures trading today on selling by speculators at existing higher levels.

Marketmen said,increased supply and reduced offtake in physical markets mainly guided speculators to reduce their holdings in futures.

At the National Commodity and Derivatives Exchange (NCDEX) counter,steel prices for near July-month contract slipped by Rs 150 or 0.55 per cent to Rs 26,920 per tonne,with an open interest of 1,750 lots.

May contract delivery also eased by Rs 90 or 0.35 per cent to Rs 25,920 per tonne,having an open interest of 87,500 lots.

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