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Shares of metal companies were under pressure with most of the stocks quoting at their 52-week lows on the NSE as Chinese demand has failed to pick up yet despite stimulus measures by the biggest consumer.
Tata Steel, Hindalco Industries, JSW Steel and Steel Authority of India (SAIL) have touched their respective 52-week lows during intra-day trade, while Vedanta, Tata Sponge Iron, Jindal Steel & Power (JSPL) and National Aluminium Company (Nalco) are trading nears to their 52-week low on the NSE.
CNX Metal Index too touched a fresh 52-week low of 2,227 during intra-day trade on the NSE today. Thus far in the current calendar year 2015, the metal index has dipped 16% as compared to 3.7% fall in the CNX Nifty.
JSPL, SAIL, Hindalco Industries, Tata Sponge Iron, Tata Steel, MMTC, GMDC and Nalco have seen market price erosion between 23%-37% from their December 2014 levels.
For June’15, Angel Commodities Broking expect base metal prices to trade lower as Chinese demand has failed to pick up yet despite stimulus measures by the biggest consumer.
Also, fears of an imminent rate hike by the Federal Open Market Committee (FOMC) in 2015 along with persistent uncertainty over Greece will take a toll on prices of base metals, the agency said in Base Metals Monthly report dated June 10, 2015.
Tata Steel, Hindalco Industries, JSW Steel and Steel Authority of India (SAIL) have touched their respective 52-week lows during intra-day trade, while Vedanta, Tata Sponge Iron, Jindal Steel & Power (JSPL) and National Aluminium Company (Nalco) are trading nears to their 52-week low on the NSE.
CNX Metal Index too touched a fresh 52-week low of 2,227 during intra-day trade on the NSE today. Thus far in the current calendar year 2015, the metal index has dipped 16% as compared to 3.7% fall in the CNX Nifty.
JSPL, SAIL, Hindalco Industries, Tata Sponge Iron, Tata Steel, MMTC, GMDC and Nalco have seen market price erosion between 23%-37% from their December 2014 levels.
For June’15, Angel Commodities Broking expect base metal prices to trade lower as Chinese demand has failed to pick up yet despite stimulus measures by the biggest consumer.
Also, fears of an imminent rate hike by the Federal Open Market Committee (FOMC) in 2015 along with persistent uncertainty over Greece will take a toll on prices of base metals, the agency said in Base Metals Monthly report dated June 10, 2015.
