Eleven metal shares fell by 0.14% to 3.26% at 9:22 IST on BSE on concerns about the health of the Chinese economy after a survey showed further slowdown in China's manufacturing sector in June 2013.
Hindalco Industries (down 3.26%), Jindal Steel & Power (down 2.69%), Tata Steel (down 2.63%), Sail (down 2.21%), Sterlite Industries (India) (down 2.93%), Sesa Goa (down 2.98%), NMDC (down 1.78%), Hindustan Zinc (down 2.59%), JSW Steel (down 1.83%), Nalco (down 1.85%) and Bhushan Steel (down 0.14%), edged lower.
The BSE Metal index was down 2.67% at 7875.73. It underperformed the BSE Sensex, which was down 2.13% at 18,836.11.
Activity in China's vast manufacturing sector weakened further in June to a 9-month low as new orders faltered, a preliminary survey of purchasing managers showed on Thursday, reinforcing signs of tepid economic growth in the second quarter. The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating expansion from contraction. It was the weakest level since September 2012.
China is the world's largest consumer of copper and aluminum.
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