Metal stocks fall on lower global commodity prices

Priya sundarajan Updated - January 09, 2018 at 03:41 AM.

Metal stocks dropped on Wednesday, tracking lower global commodity prices.

Chinese commodity futures tumbled across the board, with steel and metals posting losses, amid concerns that economic growth was slowing in the world's top consumer of a range of commodities.

The Nifty Metal index fell as much as 2.6 per cent to its lowest since October 12, marking its biggest intraday percentage drop since September 25.

Jindal Steel and Power and Nalco shed over 4 per cent each while Hindalco, Hindustan Copper and Hindustan Zinc Ltd were down by up to 3 per cent each.

Vedanta, SAIL and JSL Hisar too declined over 2 per cent each.

The metal index rose as much as 42 per cent this year as of Tuesday's close, but looked set to post its first monthly loss in six this month.

Published on November 15, 2017 05:36