Metal shares correct on profit booking

Sail (down 3.21%), Hindalco Industries (down 2.2%), Tata Steel (down 1.97%), Sterlite Industries (down 1.96%), Sesa Goa (down 1.87%), Bhushan Steel (down 1.53%), JSW Steel (down 1.42%), Jindal Steel & Power (down 1.24%) and Hindustan Zinc (down 0.78%), edged lower.

The BSE Metal index was down 1.60% at 11,214.10. It underperformed the Sensex, which was down 0.27% at 19,637.46.

The BSE Metal index jumped 3.79% in the preceding nine trading sessions to 11,396.27 on 7 January 2013, from a recent low of 10,980.34 on 24 December 2012.

The BSE Metal index had outperformed the market over the past one month till 7 January 2013, rising 7.82% compared with the Sensex's 1.38% rise. The index had also outperformed the market in past one quarter, gaining 7.45% as against Sensex's 3.98% rise.

Meanwhile, LMEX, a gauge of six metals traded on the London Metal Exchange, dropped 0.35% on Monday, 7 January 2013.

Copper prices on the Shanghai Futures Exchange fell on Monday, 7 January 2013. The most-traded April copper contract settled at 58,270 yuan per tonne ($9,237), down 100 yuan from the previous session close. Copper, used largely in power and construction, is considered a gauge of economic activity.

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