Metal stocks fall as copper price drops

The BSE Metal index shed over 2% to 12,217.

Tata Steel dropped around 6% to Rs 442. The counter has clocked volumes of 6.71 million shares as compared to 4.72 million shares. 

SAIL slipped 4.5% to Rs 170. Around 2.46 million shares were traded on the BSE as compared to the two-week daily average traded volumes of 2.35 million shares.

Sterlite, Ispat and Gujarat NRE Coke,Sesa Goa,Jai Corp, NMDC and Hindustan Zinc declined 2-5% each.

On the other hand, Jindal Steel added 3.5% to Rs 3,117 and Hindalco  was up 1% at Rs 95.
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(Updated at 1435hrs)

Metal stocks have dropped today following a dip in copper prices.

The BSE metal index has slumped 4% to 12,021. The index touched a low of 11,701, down 789 points from the day's high of 12,490.

According to agency reports, copper declined in Asian markets as investors worried that the recent rally was excessive and not sustainable. Copper futures for July expiry were trading 2% lower on the London Metal Exchange

Among the metal stocks, SAIL has tumbled 6% to Rs 167. Ispat Industries has shed 5.5% to Rs 22.

Tata Steel, Sterlite and Gujarat NRE Coke have dropped 4.7% each to Rs 446, Rs 626 and Rs 57, respectively.

Hindalco has slipped 4% to Rs 90.

Sesa Goa, Jai Corp, Hindustan Zinc, JSW Steel, Welspun Gujarat, NMDC, Nalco, Jindal Steel and Jindal Saw have also moved down.