Sterlite up as metals surge on LME

DALAL STREET SPIKES

In a subdued market, copper and aluminium major Sterlite Industries witnessed smart gains on Friday as metal prices continued to spurt on the London Metal Exchange.

The stock gained 3.3 per cent in intra-day deals to a high of Rs 645 before closing at Rs 633.60, up 1.38 per cent from its previous close.

The counter witnessed a volume of more than 63,000 shares on the Bombay Stock Exchange.

On Thursday, global copper and aluminium prices hit their highest level in nine years. From $2,847 a tonne at the end of August 2004, LME copper prices surged 11 per cent in a little over a month to $3,164 on October 7, 2004.

Aluminium prices, too, have risen nearly 11 per cent to $1,872 a tonne from $1,688.50 at the end of August 2004. The stock has been on an upside in the past few months.

From a low of Rs 439.75 on July 27 2004, the scrip has gained 44.19 per cent to Friday's close of Rs 633.60.