Nifty Metal Up 2% As Copper Hits 10-Year High Price On Demand Gains

In line with the overnight gains in the US markets and other positives, Indian markets have been holding up gains for the second straight day. And the outlier in trade sectorally has been the metal pack with gains of over 2 percent.

Nifty Metal Up 2% As Copper Hits 10-Year High Price On Demand Gains

The metal pack has been gaining ground as world over base metal prices climbed higher.

There have been a number of factors including concerns over supplies from Chile, reduced inventory, strong demand from countries like China and lower dollar has influenced fresh buying into metal stocks.

There has been an increase in steel exports from China by 16 percent YoY.
On the metal index, top gainers have been Hindalco, Tata Steel, Vedanta, Hindustan Zinc and JSW Steel.

Also in London Stock exchange, copper gained to its highest price of $9750 a tonne At the LME, Copper close at $9,778/mt on Monday, which is the highest since $9,750 a tonne clocked in August 2011.

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