Hindalco edges up on LME price hike

DALAL STREET SPIKES

The Hindalco scrip closed up 0.72 per cent at Rs 1,132.50 largely due to a hike in the prices of copper and aluminium on the London Metal Exchange.

The scrip price opened at Rs 1,128.95, went to a high of Rs 1,144 while the low for the day was Rs 1,115.10. Volumes on the BSE was of the order of 24,175 shares and on the NSE 1.22 lakh shares.

The scrip has been fairly range-bound in the last few days and yesterday's movement was indicative of a recovery in the stock. On the LME, the prices of copper went up to $2835 per tonne, with a dip in copper inventories, while aluminium prices rose to $1,712 per tonne.

Prices of both the metals have been on an uptrend. Since local prices of these metals are linked to the global prices, it is expected that the domestic prices will also go up while the demand for the metals is also expected to be firm.