Steel gains in futures trade on increased buying

Steel prices moved up by Rs 320 to Rs 30,020 a tonne in futures trading today 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, July contract for steel long prices rose by Rs 320, or 1.08%, to Rs 30,020, with trade volume of 37,230 lots.

Likewise, August contract for steel prices moved up by Rs 190, or 0.65%, to Rs 29,600, with an open interest of 4,910 lots.