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Metal stocks surge after positive data from China

Capital Market 

Metal and mining stocks edged higher at 14:28 on after data showed a jump in of the copper into China, the world's top consumer of the commodity.

Steel Authority of India (up 3.88%), Vedanta (up 3.5%), (up 2.88%), Hindalco Industries (up 2.26%), Tata Steel (up 2.16%), JSW Steel (up 2.04%), Jindal Steel & Power (up 1.87%), National Aluminium Company (up 1.62%), Hindustan Zinc (up 1.41%) and NMDC (up 1.23%) edged higher.

Meanwhile, the S&P Sensex was up 317.59 points or 0.96% at 33,266.80. The S&P Metal index advanced 2.38%, outperforming the Sensex.

According to reports, China's unwrought copper rose by more than 40% in November from the previous month, in a sign that winter production restrictions at the world's top copper consuming country are driving up shipments of overseas metal.

The S&P Metal index had underperformed the market over the past one month till 7 December 2017, sliding 7.9% compared with the Sensex's 1.26% fall. The index had also underperformed the market over the past one quarter, falling 2.7% as against the Sensex's 4.06% rise. The index had, however, outperformed the market over the past one year, advancing 27.78% as against the Sensex's 25.58% rise.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 08 2017. 14:24 IST