Metal shares under pressure; Nifty Metal index down 2%

November 16
00:46 2017
Shares of metal companies are under pressure with the Nifty Metal index falling more than 2% tracking lower global commodity prices.

National Aluminium Company (Nalco) and Hindustan Copper fell 5% each, while Jindal Steel & Power (JSPL), Hindalco Industries, Hindustan Zinc and Vedanta were down 3% to 4% on the National Stock Exchange (NSE).

At 01:13 PM; the Nifty Metal index, the largest loser among the sectoral indices, was down 2.2% as compared to 0.36% decline in the benchmark Nifty 50 index.

LMEX, a gauge of six metals traded on the London Metal Exchange (LME) was down 2% on Tuesday, falling 3.3% in past one week.

China’s economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution, the Reuters report suggested.

Industrial output rose 6.2% year-on-year in October, the National Bureau of Statistics (NBS) said, missing analysts’ estimates of a 6.3% gain and lagging a 6.6% increase in September, added report. CLCIK HERE TO READ FULL REPORT

China is the world’s largest consumer of steel, copper and aluminum.

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