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Last Updated : Jun 12, 2020 12:49 PM IST | Source: Moneycontrol.com

D-Street Buzz | Metal & mining stocks crack; NMDC, Tata Steel, Coal India fall 3%

Worries over the second wave of the COVID-19 virus which had rattled financial markets weighed on the base metal prices also.

 
 
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In line with broader market sentient, most metal & mining stocks suffered losses in morning trade on BSE on June 12.

Shares of NMDC, Nalco, Tata Steel and Coal India cracked up to 3 percent, while those of Jindal Steel, SAIL and Hindalco fell 2 percent.

Around 11:20 hours, the BSE Metal index was 2.07 percent down with 9 stocks in the red and one, Vedanta, in the green.

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On June 11, base metal prices on the LME ended negative as feeble economic outlook published by the US Federal Reserve weighed on the market sentiments and pushed industrial metal prices lower.

Moreover, worries over the second wave of the COVID-19 virus which had rattled financial markets weighed on the base metal prices.

Industrial metals prices were supported earlier on the expectation of extraordinary stimulus measures to be infused by US Federal reserve which underpinned their demand outlook. Even robust demand from the top metal consumer, China, had further supported the industrial metal prices and limited the downfall.

As per brokerage firm Angel Broking, a rising number of coronavirus cases amid bleak economic projection by the US Federal Reserve might weigh on the demand prospects for industrial metals.

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First Published on Jun 12, 2020 12:49 pm
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