| Hot Pursuit | Friday, July 27, 2012 10:03 Hrs IST |
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Metal shares track strength in copper prices Ten metal shares rose by 0.25% to 2.98% at 10:00 IST on BSE after copper prices edged higher in the international market on Friday, 27 July 2012.
Tata Steel (up 2.98%), Sterlite Industries (up 2.81%), Hindalco Industries (up 2.41%), Sesa Goa (up 1.85%), Sail (up 1.27%), JSW Steel (up 1.14%), NMDC (up 1.1%), Hindustan Zinc (up 0.96%), Jindal Steel & Power (up 0.95%) and Bhushan Steel (up 0.25%), edged higher. The BSE Metal index was up 1.79% at 10,164.14. It outperformed the Sensex, which was up 1.18% at 16,836.06. The BSE Metal index had underperformed the market over the past one month until 26 July 2012, falling 2.59% compared with the Sensex's 1.58% fall. The index had also underperformed the market in past one quarter, sliding 9.07% as against 2.87% fall in the Sensex. Three-month copper on the London Metal Exchange traded at $7,502 a tonne, up 0.43% and adding to small gains seen in the prior session. The most-traded November copper contract on the Shanghai Futures Exchange rose 0.66% to 54,550 yuan ($8,500) a tonne. Copper, used largely in power and construction, is considered a gauge of economic activity.
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