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Metal shares track strength in copper prices

Capital Market  |  Mumbai 

Sterlite Industries (India) (up 3.5%), Industries (up 3.21%), (up 3.13%), (up 2.32%), (up 1.85%), Sail (up 0.98%), Bhushan Steel (up 0.72%), (up 0.64%) and Jindal Steel & Power (up 0.45%), edged higher.

The Metal index was up 1.62% at 10,569.30.

It outperformed the Sensex, which was up 0.33% at 19,411.62.

The Metal index had underperformed the market over the past one month till 4 December 2012, rising 0.83% compared with the Sensex's 3.16% rise. The index had also underperformed the market in past one quarter, rising 7.12% as against Sensex's 10.94% rise.

The most-traded March copper contract on the Shanghai Futures Exchange rose to 57,770 yuan, its highest since 23 October 2012, before easing to 57,630 yuan.

Three-month copper on the London Metal Exchange edged up 0.1% to $8,041.25 a tonne, after rising to a six-week high of $8,068 in the previous session.

Copper, used largely in power and construction, is considered a gauge of economic activity.

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First Published: Wed, December 05 2012. 23:32 IST