 "Metal shares under pressure; Vedanta, Jindal Steel, Hindalco down 4%")
Shares of metal companies were trading lower in morning deals on profit booking, as global commodity prices lost sheen. Vedanta, Hindalco Industries, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Tata Steel and Hindustan Zinc were down 2%-5% on the BSE.
At 10:50 a.m., the S&P BSE Metal index was down nearly 2% as compared to less than 1% decline in the S&P BSE Sensex.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), dipped 3% on Tuesday. The index had 7% from 2,206 on February 25 to 2,364 on Monday, March 7.
At 10:50 a.m., the S&P BSE Metal index was down nearly 2% as compared to less than 1% decline in the S&P BSE Sensex.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), dipped 3% on Tuesday. The index had 7% from 2,206 on February 25 to 2,364 on Monday, March 7.
China, the world’s biggest consumer of metals, issued data showing February trade performance was much worse than expected, with exports tumbling the most in over six years.
Meanwhile, since February 24, in past eight trading sessions, the BSE metal index had rallied 14% till yesterday after surge in base metal prices. The benchmark index gained 7% during the same period.
Vedanta, Hindalco Industries and SAIL had soared more than 20% each, while Tata Steel, NMDC and National Aluminium surged between 15%-18%.
According to Bloomberg report, Goldman Sachs Group Inc predicted a rally in commodities from iron ore to gold will falter and forecast copper and aluminium prices will slide as much as 20% over the next year. CLICK HERE TO READ FULL REPORT.
| Name | 24/02/2016 | 08/03/2016 | % chg | LTP | % chg |
| Vedanta | 70.95 | 90.30 | 27.27 | 85.80 | -4.98 |
| Jindal Steel | 58.35 | 66.25 | 13.54 | 63.10 | -4.75 |
| Hindalco Inds. | 66.40 | 83.10 | 25.15 | 79.75 | -4.03 |
| NMDC | 80.50 | 94.50 | 17.39 | 91.55 | -3.12 |
| SAIL | 35.40 | 43.30 | 22.32 | 42.00 | -3.00 |
| Tata Steel | 247.85 | 291.85 | 17.75 | 284.40 | -2.55 |
| Hind.Zinc | 163.75 | 174.55 | 6.60 | 170.80 | -2.15 |
| Natl. Aluminium | 33.45 | 38.80 | 15.99 | 38.20 | -1.55 |
| JSW Steel | 1108.90 | 1185.75 | 6.93 | 1173.35 | -1.05 |
| Coal India | 295.60 | 324.55 | 9.79 | 324.10 | -0.14 |
| S&P BSE-Metal | 6611.83 | 7564.98 | 14.42 | 7419.96 | -1.92 |
| S&P BSE-Sensex | 23088.93 | 24659.23 | 6.80 | 24499.02 | -0.65 |
| LTP: Last traded price on BSE at 10:50 a.m. | |||||