MUMBAI (Commodity Online): Metal stocks gained momentum on the bourses today with key metal stocks posting moderate gains on the back of firm metal prices and positive earning outlook for iron ore producers.

The sectoral index on the Bombay Stock Exchange (BSE), BSE Metals gained the most by over 2% to 16,138 points leading the upward rally on the benchmark index, Sensex. Steel stocks including public sector major, Steel Authority of India Ltd (SAIL) (BOM:500113), which rose by 2.41% to Rs.212.15, posted gains on the BSE today.

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Steel major, Tata Steel Ltd (BOM:500470) also rose by 2.3% to Rs.575.90. Jindal group steel major, JSW Steel (BOM:500228) rose the most to Rs.1053.50 with gains of over 3.2%.

Other metal stocks including Vedanta Resources Group firm, Sterlite Industries India Ltd (BOM:500900), the largest copper and zinc producer, paced gains among raw material producers after the price of the metal jumped in Shanghai. The stock gained close to 2.5% to Rs.761.30.

The Birla broup company, Hindalco Industries Ltd (BOM:500440) traded with gains of over 3.3% to Rs.154.70 during the morning trades on the BSE today.

The May-delivery contract of copper on the Shanghai Futures Exchange climbed as much as 6.4 percent. According to estimates, increased demand from China, the world’s fastest growing major economy, will buoy copper prices by 8.9 percent in the “short term.” A basket of six commodities traded on the London Metal Exchange advanced 1.9 percent on Feb. 19.

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