Metal stocks drop after overnight slide in global commodity prices

Ten metal and mining stocks dropped by 1.5% to 4.75% at 11:30 IST on BSE after overnight drop in the global commodity prices.

Meanwhile, the S&P BSE Sensex was down 177.12 points or 0.72% at 24,482.11.

Bhushan Steel (down 1.78%), Jindal Steel & Power (down 4.75%), Vedanta (down 5.32%), Tata Steel (down 2.23%), NMDC (down 3.33%), Hindalco Industries (down 4.09%), Steel Authority of India (down 2.89%), JSW Steel (down 1.5%), Hindustan Zinc (down 2.18%) and National Aluminium Company (down 2.19%) edged lower.

Meanwhile, High Grade Copper for May 2016 delivery was currently down 0.5% at $2.211 per pound on the COMEX.

The BSE Metal index had outperformed the market over the past one month till 8 March 2016, rising 10.6% compared with gains of 1.53% in the Sensex. The index had also outperformed the market in past one quarter, gaining 8.23% as against Sensex's 2.57% fall.

Meanwhile, as per reports, an index tracking non ferrous metals prices in Shanghai dropped sharply today, 9 March 2016, amid increasing concerns that the recent rebound in prices of steel, copper and other commodities is not justified by persistent economic weakness.

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