Metal stocks lose sheen on fall in global copper prices

Shares of ten metal companies slumped 2.79% to 6.16% at 12:29 IST on BSE after copper prices dropped in global markets.

Meanwhile, the S&P BSE Sensex was down 1,013.64 points or 2.92% at 33,743.52. The S&P BSE Metal index was down 549.14 points or 3.68% at 14,379.22, underperforming the Sensex.

Jindal Steel & Power (down 4.56%), Vedanta (down 3.82%), Tata Steel (down 2.79%), NMDC (down 6.16%), Hindalco Industries (down 3.14%), Steel Authority of India (down 4.48%), Hindustan Copper (down 5.75%), JSW Steel (down 3.81%), Hindustan Zinc (down 3.85%) and National Aluminium Company (down 5.03%) slumped. Bhushan Steel jumped 9.42%.

High Grade Copper for March 2018 delivery was currently down 1.43% at $3.175 per pound on the COMEX.

 

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