Metal shares weaken tracking LMEX

BSE Metal index down nearly 2%

Metal shares have remained weak tracking subdued metal prices on the LMEX, the gauge of six metals traded on the London Metal Exchange (LME).

The LMEX lost nearly 1% in past two trading sessions to 3,095.80 from 3,121.40 on April 24. Global metal prices have remained under pressure after recent data from China raised concerns over an economic slowdown in the world's second-largest economy.

At 1:40PM, the BSE Metal Index is the top loser among the sectoral indices down nearly 2% at 10,171 compared with 0.4% or 103 point fall in the Sensex.

Recently, Fitch Ratings had reduced China’s 2014 real GDP growth projection to 7% from its earlier projection of 7.5% estimated last year.

Further, Sesa Sterlite and Jindal Steel are among the metal majors that will announce their March quarter earnings later today.

JSW Steel was down 4%, Jindal Steel slipped 3.9%, Tata Steel dropped 3.8%, SAIL lost 3.7%, Hindalco slipped 2.6% and Sesa Sterlite was trading 0.4% lower.