MUMBAI (Commodity Online): Steel long at NCDEX is up by 0.31% on Friday afternoon trade on reports of power shortage in Uttar Pradesh hampering steel production in general.
NCDEX Steel long October contract is currently trading at Rs 29480, up Rs 90 for the day.
-Power shortages in UP and Rudrapur caused TMT prices to spring by Rs 1000/Tonne in the last few days. The extended power cuts in the northern belt are causing most furnaces to work only half shifts thus resulting in pencil ingot shortage. NCDEX prices as such may have risen in response. However, the general outlook for Steel remains weak.
Technical target by Geojit Comtrade
NCDEX Steel Long October: Sell below Rs 29500 targeting Rs 29100 with stop loss above Rs 29800.
S1: 29300 S2: 29000 R1: 29800 R2: 30300.
