Metal & mining stocks gain on higher copper prices
London (Mar 17) Six metal and mining stocks rose 0.41% to 5.66% at 12:23 IST on BSE as copper prices rose in global commodities markets.
Hindustan Copper (up 5.66% at Rs 50.40), NMDC (up 3.65% at Rs 96.50), Vedanta (up 2.55% at Rs 88.55), Hindalco Industries (up 0.8% at Rs 82.10), National Aluminium Company (up 0.76% at Rs 39.85) and Hindustan Zinc (up 0.41% at Rs 169.50) edged higher.
Meanwhile, the S&P BSE Sensex was up 145.47 points or 0.59% at 24,827.95.
High Grade Copper for May 2016 delivery was currently up 1.39% at $2.2650 per pound on the COMEX.
Steel stocks edged higher on media reports that an arm of the finance ministry has recommended maintaining import duties on some steel products until March 2018. Tata Steel (up 1.22% at Rs 302.85), JSW Steel (up 1.39% at Rs 1,214.50), Steel Authority of India (up 1.65% at Rs 43.20) and Jindal Steel & Power (up 1.11% at Rs 59.40) rose. The latest move is aimed to support the local steel industry and protect mills from cheaper imports, reports suggested. It may be recalled that, last month, the government set the minimum import price (MIP) on 173 steel products to check the influx of cheap imports. In September 2015, the government imposed a provisional safeguard duty of 20% on hot-rolled flat products of non-alloy and other alloy steel, in coils of a width of 600 mm or more, for a period of 200 days.