Metal stocks gain on rise in global copper prices

Shares of eleven metal companies rose 1% to 6.13% at 14:26 IST on BSE after copper prices rose in global markets.

Meanwhile, the S&P BSE Sensex was up 46.55 points or 0.14% at 33,958.36. The S&P BSE Metal index was up 276.78 points or 1.88% at 14,981.91, outperforming the Sensex.

JSW Steel (up 2.47%), Bhushan Steel (up 3.99%), Hindustan Copper (up 6.13%), Vedanta (up 1.43%), Hindalco Industries (up 3.8%), Hindustan Zinc (up 2.22%), Jindal Steel & Power (up 3.19%), Tata Steel (up 1%), Steel Authority of India (Sail) (up 1.65%), National Aluminum Company (up 5.04%) and NMDC (up 1.06%) gained.

 

High Grade Copper for March 2018 delivery was currently up 0.35% at $3.296 per pound on the COMEX.

The BSE Metal index rose 4.02% over the past one month till 27 December 2017, outperforming the Sensex's 0.56% rise. The index also outperformed the market in past one quarter, gaining 10.65% as against Sensex's 8.83% rise. The index had also outperformed the market in past one year, advancing 47.9% as against Sensex's 29.37% rise.

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