Metal & mining stocks drop on weak economic data in China

Shares of ten metal & mining stocks shed by 1.77% to 5.45% at 14:25 IST on BSE on weak economic data in China.

Meanwhile, the S&P BSE Sensex was down 471.45 points or 1.68% at 27,610.89.

Bhushan Steel (down 4.1%), Jindal Steel & Power (down 3.9%), Vedanta (down 3.11%), Tata Steel (down 1.77%), NMDC (down 3.08%), Hindalco Industries (down 4.95%), Steel Authority of India (down 5.45%), JSW Steel (down 4.19%), Hindustan Zinc (down 3.54%) and National Aluminium Company (down 3.92%) edged lower.

China's exports and imports for September came in well below expectations, dented by weak demand at home and abroad. Data released today, 13 October 2016 showed China's exports in September 2016 tumbled nearly 10% year-on-year in dollar-terms, and imports dipped 1.9% from the previous year. China is the world's largest consumer of steel, copper and aluminum.

Meanwhile, High Grade Copper for December 2016 delivery was currently up 0.92% at $2.1565 per pound on the COMEX.

The BSE Metal index had outperformed the market over the past one month till 10 October 2016, gaining 3.27% compared with Sensex's 2.48% fall. The index had also outperformed the market in past one quarter, rising 20.36% as against Sensex's 3.52% rise.

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