Eleven metal stocks fell by 0.35% to 3.97% at 12:15 IST on BSE after China's exports fell in November for the fifth consecutive month.
Steel Authority of India (down 3.97%), Vedanta (down 3.50%), Hindalco Industries (down 3.28%), Tata Steel (down 2.36%), Hindustan Zinc (down 2.28%), NMDC (down 1.66%), Jindal Steel & Power (down 1.39%), JSW Steel (down 1.33%), Bhushan Steel (down 1.21%), National Aluminium Company (down 0.87%) and Hindustan Copper (down 0.35%), edged lower.
The S&P BSE Metal index was down 2.17% at 7,067.39. It underperformed the BSE Sensex, which was down 0.40% at 25,427.97.
The S&P BSE Metal index had outperformed the market over the past one month till 7 December 2015, rising 0.99% compared with 2.80% decline in the Sensex. The index had also outperformed the market in past one quarter, rising 3.91% as against Sensex's 2.56% rise.
China's exports fell in November for the fifth consecutive month, as weak global demand continued to weigh on the world's largest manufacturing nation. Imports were better than expected--though they remained weak--leading to another sizable monthly trade surplus.
China's General Administration of Customs reported today, 8 December 2015, that exports fell 6.8% in November in dollar terms from a year earlier, compared with a decline of 6.9% in October. Imports last month fell 8.7% year-over-year, compared with an 18.8% decrease in October.
The country's trade surplus narrowed in November to $54.1 billion from $61.6 billion in October.
China is the world's largest consumer of steel, copper and aluminum.
Meanwhile, the High Grade Copper for March 2016 delivery was currently down 0.17% at $2.0475 per pound on the COMEX.
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