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Metal stocks gained as LME aluminium hit near 7-year high. The metal index surged as much as 3.6 per cent to highest since March 6.
Hindustan Copper Ltd, Hindalco Industries Ltd and National Aluminium Co Ltd posted gains in the range of 4.7-10.7 per cent.
Aluminium prices surged 5 per cent to highest in almost 7 years on Thursday; LME aluminium climbed as far as $2,664.50 a tonne, highest since August 2011.
US sanctions on Rusal, and alumina output curtailment at Alunorte refinery in Brazil should support higher aluminium prices in the near term, Jefferies says, adding that Hindalco will benefit from this.
Hindalco shares rose 5.8 per cent to its highest since February 16 and Hindustan Copper rallied as much as 13.2 per cent. As of Wednesday's close, Nifty Metal index fell 4.8 per cent this year, while NSE index held flat.
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