Metal shares witness selling pressure

Shares of 10 metal and mining companies fell by 1.28% to 3.32% at 12:34 IST on BSE after copper price edged lower in the global commodities markets.

Bhushan Steel (down 3.32%), Steel Authority of India (down 3.29%), Hindalco Industries (down 3.24%), Jindal Steel & Power (down 2.22%), Tata Steel (down 2.2%), National Aluminium Company (down 1.93%), NMDC (down 1.68%), JSW Steel (down 1.61%), Hindustan Copper (down 1.34%) and Vedanta (down 1.28%), edged lower. Hindustan Zinc was up 0.30%.

High Grade Copper for March 2018 delivery was currently down 0.34% at $3.1795 per pound on the COMEX.

The S&P BSE Metal index was down 1.67% at 14,807.40. It underperformed the Sensex, which was up 0.30% at 33,805.48.

 

The S&P BSE Metal index had outperformed the market over the past 30 days till 20 February 2018, falling 0.53% compared with 5.85% fall in the Sensex. The Metal index had also outperformed the market in past one quarter, rising 4.84% as against Sensex's 0.42% rise. The Metal index had also outperformed the market in past one year, rising 26.67% as against Sensex's 17.18% rise.

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