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03 December 2009 at 12:20 IST
HZL rises 5.5% on firmness on LME metals
MUMBAI (Commodity Online): Indian metal stocks traded in green on the bourses as the key metal prices hovered upwards on the London Metal Exchange (LME) on Wednesday.
The sectoral index, BSE Metals traded firm at 16,848.86 points with gains of over 220 points or 1.38%. Meanwhile, the key benchmark index, Sensex traded at 17298 points up by 0.75% from its Wednesday’s close.
Metal stocks including Hindustan Zinc Ltd (BOM:500188) zoomed at Rs.1217.50 gaining 5.5% on the Bombay Stock Exchange (BSE) today. Copper miner, Sterlite Industries Ltd (BOM: 500900) traded at Rs.896.50 up by 2.19%, while Birla group major, Hindalco Industries Ltd (BOM: 500440) gained 2.6% at Rs.146.70 in the morning trades today.
Get Commodity Trading Tips at lowest ratesSteel companies, Tata Steel and Ispat Industries recorded moderate gains on the BSE today. Tata Steel traded at Rs.584.50 with gains of 1.6%, while Ispat was up by close to 2% at Rs.20.90.
NMDC Ltd, Jai Corp, Jindal Steel & Power, Welspun Gujarat Stahl Rohren, Jindal Saw, Steel Authority of India, JSW Steel and Gujarat NRE Coke were among the gainers in the metals index today.
Shanghai copper rose to near 15-month highs and London futures hovered close to a 14-month peak hit the previous day, boosted by a softer dollar and upbeat economic data. Copper, used largely in power and construction, is considered a gauge of economic activity.
Shanghai's benchmark third-month copper rose 470 yuan to 55,780 yuan ($8,173) a tonne by the midday break, after rising as high as 55,850 yuan, its best level since 12 September 2008. The most active fourth-month hit a high of 56,170 yuan, also the loftiest since 12 September last year, before cutting gains slightly to 56,080 yuan.
On the London Metal Exchange, three-month copper edged up $15 to $7,140 a tonne. It touched a high of $7,152, near Wednesday's peak of $7,170, the best since late September 2008.
A softer dollar against a basket of currencies makes dollar-priced commodities cheaper. Copper prices have risen sharply this year, on course for their biggest annual increase since at least 1978, but remain some way off a record peak of $8,940 struck in July last year before the collapse of global markets in the fourth quarter.
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