Metal and mining stocks gain as copper prices rise

Eight metal and mining stocks rose by 0.03% to 3.65% at 15:15 IST on BSE as copper prices rose in global commodities markets.

Vedanta (up 3.65%), Hindalco Industries (up 1.87%), Jindal Steel & Power (up 2%), Steel Authority of India (up 0.59%), Hindustan Copper (up 0.03%), JSW Steel (up 0.42%), NMDC (up 0.22%) and National Aluminium Company (up 0.12%) edged higher. Hindustan Zinc fell 1%.

Tata Steel extended losses registered during the previous trading session triggered by the UK voting to leave the European Union (EU) in a referendum on 23 June 2016. The stock was down 0.93% at Rs 309.60. The stock tumbled 6.37% to settle at Rs 312.50 on Friday, 24 June 2016. Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. Tata Steel Europe has initiated the process to sell its UK business viz. Tata Steel UK. Tata Steel Europe has invited seven short listed potential investors to submit binding bids for Tata Steel UK.

High Grade Copper for September 2016 delivery was currently up 0.47% at $2.126 per pound on the COMEX.

Meanwhile, the S&P BSE Metal index was up 21.61 points or 0.26% at 8,211.23. It has outperformed the Sensex which was up 9.87 points or 0.04% at 26,407.58

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