Metal stocks decline on slump in copper prices

Ten metal and mining stocks fell by 0.85% to 8.9% at 10:29 IST on BSE as copper prices fell in global commodities markets.

Tata Steel (down 8.9% at Rs 304.05), Vedanta (down 8.97% at Rs 115.15), Hindalco Industries (down 7.71% at Rs 114.30), Jindal Steel & Power (down 6.32% at Rs 61.50), Steel Authority of India (down 6.14% at Rs 41.25), Hindustan Copper (down 3.74% at Rs 50.15), Hindustan Zinc (down 3.64% at Rs 168.25), JSW Steel (down 3.63% at Rs 1,349.55), NMDC (down 2.4% at Rs 89.45) and National Aluminium Company (down 0.85% at Rs 41) edged lower.

High Grade Copper for July 2016 delivery was currently down 3.58% at $2.085 per pound on the COMEX.

Meanwhile, the S&P BSE Metal index was down 483.31 points or 5.69% at 8,011.24. It has underperformed the Sensex which was down 1,022.97 points or 3.79% at 25,979.25.

The BSE Metal index had outperformed the market over the past one month till 23 June 2016, advancing 14.29% compared with Sensex's 7.02% rise. The index had also outperformed the market in past one quarter, gaining 11.14% as against Sensex's 6.57% rise.

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