Shares of nine metal and mining firms rose by 0.14% to 1.98% at 11:31 IST on BSE on speculation that US President Donald Trump will soften his proposed trade tariffs on steel and aluminium.
Tata Steel (up 1.98%), Hindustan Zinc (up 0.65%), Vedanta (up 1.71%), Steel Authority of India (up 0.7%), Jindal Steel & Power (up 1.3%), JSW Steel (up 1.08%), NMDC (up 1.26%), Hindustan Copper (up 0.14%) and National Aluminium Company (up 1.33%) edged higher. Hindalco Industries (down 0.33%) declined.
The S&P BSE Metal index was up 0.87% at 14,660.36. It outperformed the Sensex, which was up 0.16% at 33,802.42.
Metal and mining stocks were also in demand as copper prices rose in global commodity markets. Copper edged higher in the global commodities market. High Grade Copper for May 2018 delivery was currently up 0.74% at $3.1510 per pound on the COMEX.
Metal and mining shares had declined yesterday, 5 March 2018 on uncertainty over the effects of US President Donald Trump's announcement of a plan to impose tariffs on steel and aluminum. Trump, on Friday, 2 March 2018, said that he would impose a 25% import tariff on steel and 10% import tariff on aluminium to protect US producers. The move could reportedly trigger a trade war with China and Europe. Trump said the import tariff hike would create jobs in the US and benefit its industries.
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