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Shares of metal companies have rallied by up to 8% on the bourses after LMEX, the gauge of six metals traded on the London Metal Exchange (LME), gained nearly 3%.
Vedanta rallied 8% to Rs 101 on the National Stock Exchange (NSE). Hindalco Industries (Rs 76.30), Tata Sponge Iron (Rs 465) and Bhushan Steel (Rs 48.40) were up 5% each, followed by Tata Steel (up 4% at Rs 237), JSW Steel (3% at Rs 973) and NMDC (3% at Rs 98).
At 10:38 AM, the CNX Metal index was up 2.5%, extending its previous day’s 2.4% gain on the NSE. CNX Nifty was up 1.3% after gaining nearly 2% yesterday.
On Tuesday, September 8, 2015, the LMEX gained nearly 3% to 2,438 from 2,371 on September 7.
Copper in Shanghai surged to its highest in more than two months, leading gains in industrial metals amid signs that the turmoil in China’s financial markets is subsiding, easing concerns about growth in the world’s biggest consumer, the Bloomberg report suggests. CLICK HERE TO READ FULL REPORT.
Meanwhile, thus far in 2015, the metal shares underperformed the market with CNX Metal index dipped 36% compared to 8.8% decline in the benchmark index till September 7.
Vedanta rallied 8% to Rs 101 on the National Stock Exchange (NSE). Hindalco Industries (Rs 76.30), Tata Sponge Iron (Rs 465) and Bhushan Steel (Rs 48.40) were up 5% each, followed by Tata Steel (up 4% at Rs 237), JSW Steel (3% at Rs 973) and NMDC (3% at Rs 98).
At 10:38 AM, the CNX Metal index was up 2.5%, extending its previous day’s 2.4% gain on the NSE. CNX Nifty was up 1.3% after gaining nearly 2% yesterday.
On Tuesday, September 8, 2015, the LMEX gained nearly 3% to 2,438 from 2,371 on September 7.
Copper in Shanghai surged to its highest in more than two months, leading gains in industrial metals amid signs that the turmoil in China’s financial markets is subsiding, easing concerns about growth in the world’s biggest consumer, the Bloomberg report suggests. CLICK HERE TO READ FULL REPORT.
Meanwhile, thus far in 2015, the metal shares underperformed the market with CNX Metal index dipped 36% compared to 8.8% decline in the benchmark index till September 7.
