MUMBAI (Commodity Online): Metal stocks lead the bearish run of the Indian bourses markets after the key metals dropped on the London Metal Exchange (LME) on Friday, 5 February 2010 giving a weak start of the week.
The sectoral BSE Metals index remained weak after the heavy sellout on the index pulling down the index by 2.32% at 15,246.44. However, at later trading sessions, the index recovered from its day’s lows but some of the key metal stocks reeled under heavy selling pressure on the Bombay Stock Exchange (BSE) today.
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Hindalco Industries Ltd (BOM:500440) was initially down by 4.63% but recovered in later trading session to Rs.139.20 with loss of over 1.5%. Tata Steel Ltd (BOM:500470) was trading down at Rs.541.80 down by 3%. Gujarat NRE Coke Ltd (BOM:512579) traded at Rs.72.60 losing by 2.74% from its Friday’s close.
Meanwhile, Welspun Gujarat Stahl Rohren Ltd (BOM:532144) traded at Rs.244.70 with loss of close to 2.5%.
Three-month copper on the London Metal Exchange fell $125 to close at $6,265 a tonne on Friday, but pared losses in after-hours dealing to $6,285. LME copper fell to $6,225, its lowest in more than three months. Copper, used largely in power and construction, is considered a gauge of the economic activity.
On the Indian commexes, copper prices remained almost flat at Rs.300.55 per kg for MCX February contract, while Aluminium reeled under pressure at Rs.93.15 per kg for MCX February contract.
