 "Metal shares extend gain; Hindalco, Hindustan Zinc, Nalco hit 52-week highs")
Shares of metal companies were trading higher for the fourth straight trading session with Hindalco Industries, Hindustan Zinc and National Aluminium Company (Nalco) hitting their respective 52-week high on the BSE in intra-day trade.
Besides these three stocks, NMDC, Tata Steel, Vedanta, JSW Steel, Jindal Steel & Power, Steel Authority of India (SAIL) and Coal India from the BSE metal index were up between 1% and 7%.
At 09:48 am, S&P BSE Metal index, the largest gainer among sectoral indices, was up 2% or 207 points at 10,575, as compared to 0.52% rise in the S&P BSE Sensex. In past four trading session, the metal index surged 8.5% against 0.94% rise in the benchmark index.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), has rallied 6.8% in past four trading sessions and closed at 2,826 on Thursday, its highest level since May 2015.
Commodity prices have seen a reversal in trend, especially all industrial commodities that were not doing well for the last few years after China's economy started cooling down and several metal producers started cutting production of closing mines, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT
“Latest Chinese annual growth, manufacturing activity and services activity have shown signs of stabilization, and estimates of rise in global demand for the metal especially in US after newly elected President Donald Trump said that he will boosted the infrastructure spending, which will help cushion sharp negative movement in the base metal prices,” Choice Broking said in report dated November 18, 2016.
Besides these three stocks, NMDC, Tata Steel, Vedanta, JSW Steel, Jindal Steel & Power, Steel Authority of India (SAIL) and Coal India from the BSE metal index were up between 1% and 7%.
At 09:48 am, S&P BSE Metal index, the largest gainer among sectoral indices, was up 2% or 207 points at 10,575, as compared to 0.52% rise in the S&P BSE Sensex. In past four trading session, the metal index surged 8.5% against 0.94% rise in the benchmark index.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), has rallied 6.8% in past four trading sessions and closed at 2,826 on Thursday, its highest level since May 2015.
Commodity prices have seen a reversal in trend, especially all industrial commodities that were not doing well for the last few years after China's economy started cooling down and several metal producers started cutting production of closing mines, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT
“Latest Chinese annual growth, manufacturing activity and services activity have shown signs of stabilization, and estimates of rise in global demand for the metal especially in US after newly elected President Donald Trump said that he will boosted the infrastructure spending, which will help cushion sharp negative movement in the base metal prices,” Choice Broking said in report dated November 18, 2016.
| COMPANY | LATEST | 1-Wk before | GAIN(%) |
| NATL. ALUMINIUM | 56.30 | 50.20 | 12.15 |
| VEDANTA | 227.10 | 204.20 | 11.21 |
| HIND.ZINC | 275.25 | 249.55 | 10.30 |
| HINDALCO INDS. | 181.85 | 165.50 | 9.88 |
| NMDC | 123.95 | 113.95 | 8.78 |
| TATA STEEL | 411.10 | 385.10 | 6.75 |
| Sensex | 26015.00 | 26150.24 | -0.52 |
| BSE Metal index | 10575.00 | 10081.11 | 4.90 |