Shares of nine metal companies fell 0.09% to 2.9% at 11:22 IST on BSE after prices of industrial metals and iron ore declined in global market on Monday, 22 September 2014.
JSW Steel (down 2.9%), Tata Steel (down 2.04%), Hindalco Industries (down 1.8%), NMDC (down 1.75%), Steel Authority of India (down 1.61%), Hindustan Zinc (down 1.83%), Sesa Sterlite (down 1.36%), Bhushan Steel (down 1.08%) and Jindal Steel & Power (down 0.09%), edged lower.
The S&P BSE Metal index was down 1.38% at 11,981.16. It underperformed the Sensex, which was down 0.40% at 26,983.24.
The S&P BSE Metal index had underperformed the market over the past one month till 19 September 2014, falling 6.85% compared with 2.53% rise in the Sensex. The index had also underperformed the market in past one quarter, falling 7.03% as against Sensex's 7.49% rise.
Copper for three-month delivery on the London Metal Exchange (LME) fell a fourth day. The metal lost 1.5% to $6,735 a metric ton, headed for its lowest close since 19 June 2014. On the LME, aluminum, zinc, nickel, tin and lead also declined.
Meanwhile, Chinese steel and iron ore futures slid 4% to their lowest on record on Monday, plagued by worries of excess supply at a time when demand in the world's top consumer of the two commodities is growing at a slower pace.
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