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Metal stocks under pressure

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Metal shares were under pressure after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election.

Tata Steel (down 1.73%), JSW Steel (down 1.42%), Hindustan Copper (down 1.14%), National Aluminium Company (down 0.23%), MOIL (down 0.11%) and Hindalco Industries (down 0.10%) declined.

Meanwhile, the Nifty Metal index fell 0.52% to 2,550.90, underperforming the Nifty 50 index which was down 0.17% at 11,973.85.

The Nifty Metal index has fallen 3.10% in the past two trading sessions to its current 2,550.90, from a recent closing high of 2,632.65 on Monday, 2 December 2019.

Trump's statement dashed hopes for a quick preliminary agreement between the two nations.

Meanwhile, Trump decided to re impose tariffs on imports of steel and aluminium from Brazil and Argentina after accusing the countries of a 'massive devaluation' of their currencies that hurt US farmers. The move, which was announced by Trump on Twitter on Monday, sharply escalates trade tensions with the two struggling Latin American economies as they build closer ties with China.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 04 2019. 12:41 IST
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