MUMBAI (Commodity Online): Indian metal stocks traded with heavy losses on the Bombay Stock Exchange (BSE) on the back of sliding metal prices on the London Metal Exchange (LME).

An index of six key metals, LMEX traded weak on the LME with loss of 3.59% to 3180.50 on Thursday, 28 January 2010. On the BSE, the sectoral index, BSE metals fell by the most to over 3% at 15,718 points from its Thursday’s closing.

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Major losers on the metals index included stocks like Gujarat NRE Coke and JSW Steel both slipped by over 4% on the bourses in the morning trading hours today. Gujarat NRE Coke (BOM:512579) traded at Rs.72.25, while JSW Steel (BOM:500228) was trading at Rs.949.45.

Other losers included Ispat Industries (BOM:500305), which was down by over 3% at Rs.18.80, Hindustan Zinc (BOM:500188) traded at Rs.1075 down by over 4%. Birla group major, Hindalco Industries Ltd (BOM:500440) fell by 2.67% to Rs.144. Other steel stocks including Tata Steel Ltd (BOM:500470) fell by 3.17% to Rs.566.40 and Jindal Steel & Power Ltd (BOM:532286) fell by 4.13% to Rs.625.50 on the BSE today.

A firm dollar and concern over the pace and scope of credit tightening in China drove Shanghai copper down nearly 2% on Friday, following a drop in London prices in the previous session.

Three-month copper on the London Metal Exchange gained $35 to $6,925 a tonne, after tumbling nearly 5% in the previous session, heading for a 6.3% loss from a week earlier, the sharpest weekly retreat since end of April last year.

Copper, used largely in power and construction, is considered a gauge of the economic activity.

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