 "CNX Metal index gains nearly 4% in two days")
Shares of metal companies were trading higher by up to 5%, extending their previous day’s gain on the bourses, after LMEX index hit four-month high on Friday.
Vedanta (formerly Sesa Sterlite), Tata Steel, GMDC, JSW Steel, Hindalco Industries, NMDC, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) from the CNX Metal index were up 2%-5% on the National Stock Exchange.
At 1243 hours, CNX Metal index was up 2.1% at 2,493 points compared to a marginal 0.07% rise in the CNX Nifty. In past two trading sessions, the metal index gained nearly 4% against 2% rise in the benchmark index.
On May 1, 2015, the LMEX Index of the six main metals traded in London Metal Exchange (LME) closed at 2,944, its highest level since December 19, 2014.
India Rating and Research (Ind-Ra) expects LME prices to continue to increase in FY16. Domestically, the metal price realisation is expected to improve on a pick-up in investments in key end-industries such as automobiles, packaging, power and construction towards 2HFY16.
Metal prices depend substantially on Chinese economic activity. China accounts for 40%-50% of the global consumption of aluminium, copper and zinc metals, said agency in report dated April 16, 2015.
Vedanta (formerly Sesa Sterlite), Tata Steel, GMDC, JSW Steel, Hindalco Industries, NMDC, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) from the CNX Metal index were up 2%-5% on the National Stock Exchange.
At 1243 hours, CNX Metal index was up 2.1% at 2,493 points compared to a marginal 0.07% rise in the CNX Nifty. In past two trading sessions, the metal index gained nearly 4% against 2% rise in the benchmark index.
On May 1, 2015, the LMEX Index of the six main metals traded in London Metal Exchange (LME) closed at 2,944, its highest level since December 19, 2014.
India Rating and Research (Ind-Ra) expects LME prices to continue to increase in FY16. Domestically, the metal price realisation is expected to improve on a pick-up in investments in key end-industries such as automobiles, packaging, power and construction towards 2HFY16.
Metal prices depend substantially on Chinese economic activity. China accounts for 40%-50% of the global consumption of aluminium, copper and zinc metals, said agency in report dated April 16, 2015.
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