Last Updated : 05 January 2010 at 10:30 IST

NALCO zooms 8% as all metals shine on LME

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MUMBAI (Commodity Online): Metal stocks traded with gains on the Bombay sTock Exchange (BSE) today as the LMEX, a gauge of six metals traded on the London Metal Exchange (LME) rose 1.75% to 3,463.20 on Monday, 4 January 2010.

The sectoral index, BSE metals gained 2.57% to 18170.78 points in the morning trades today. Key benchmark index, Sensex was up 0.9% to 17716.19 points on Tuesday.

The BSE Metal index had outperformed the market over the past one month till 4 January 2010, rising 5.02% as compared to the Sensex's 2.67% gain. It also outperformed the market in past one quarter, soaring 24.73% as against 2.48% rise in the Sensex.

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Leading metals stocks including Gujarat NRE Coke Ltd (BOM: 512579) gained 4.73% to Rs.89.60, while Hindalco Industries Ltd (BOM: 500440) was up 4.63% to Rs.170.70. Steel stocks including JSW Steel Ltd (BOM: 500228) was up 4.78% to Rs.1072.40 and Tata Steel Ltd (BOM: 500470) gained 2.17% to Rs.647.80 in the morning trades on the BSE today.

Other metal stocks including, National Aluminium Company Ltd (BOM: 532234) zoomed by 8.32% to Rs.476.35 and Vedanta Resources group company Sterlite Industries (India) Ltd (BOM: 500900) gained 2.27% to Rs.894.90.

Other gainers included public sector leader, Steel Authority of India (up 2.42%), Hindustan Zinc (up 1.76%), Jindal Steel & Power (up 1.52%), Welspun Gujarat Stahl Rohren (up 1.09%), Jai Corp (up 1.06%), Sesa Goa (up 0.99%), NMDC (up 0.91%), Jindal Saw (up 0.79%), and Ispat Industries (up 0.44%).

Copper prices were steady on Tuesday, 5 January 2009, just off a 16-month high following upbeat US manufacturing data. Copper, used largely in power and construction, is considered a gauge of the economic activity.

Shanghai's benchmark third-month copper futures contract edged up 0.5% to 60,280 yuan a tonne. The most-active contract for April delivery rose 0.6% to 60,380 yuan a tonne. Three-month copper on the London Metal Exchange shed $25 to $7,475 a tonne.

The US manufacturing sector grew at its fastest pace in nearly four years in December, its fifth consecutive month of expansion, data showed on Monday, 4 January 2010, adding to hopes of economic improvement in 2010.