Commodity Online
MUMBAI: Metal stocks witnessed heavy buoyancy as metal prices kept surging on the commexes, following increased global metal consumption.

Global economies indicated signs of recovery with larger consumption of base metals in industrial activities. The sectoral BSE Metals index has recorded a rise of close to 41% over past one quarter, giving hints of recovery in the industrial consumption.

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Today, with metal prices kept surging on the global commodity exchanges, has given a booster for the metal stocks on the Bombay Stock Exchange (BSE). Steel and aluminium stocks recorded heavy gains. Tata Steel Ltd traded at Rs.261 up by close to 10%. Public sector steel giant, Steel Authority of India Ltd traded at Rs.117.90 up by close to 8%. JSW Steel Ltd gained by 7.77% at Rs.362.70 during the afternoon trading hours on the BSE.

Aluminium leaders, National Aluminium Company Ltd (NALCO) traded at Rs.228.50 up by close to 8.71%, while Hindalco Industries Ltd traded at Rs.59.90 up 11.23%. Aluminium for May, 2009 delivery was up 0.80%, Copper and Lead for June delivery were up 1.28% and 2.13% respectively, Nickel for June delivery was up 1.81%, and Zinc for June 2009 delivery was up 1.12% on the Multi Commodity Exchange of India (MCX).

The firmness in metal prices was mainly attributed to the rising demand from domestic as well as international buyers. According to reports there had been a massive outflow of metals from LME warehouses, in the wake of expanding Chinese manufacturing activity and improvement in US consumer confidence in the month that just went by.

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