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Metal stocks were on roll on the National Stock Exchange (NSE) on Tuesday with National Aluminium Company, Hindalco, Welspun Corp, Adani Enterprises, and Tata Steel rallying up to 6 per cent. The Nifty Metal index, meanwhile, surged 4.6 per cent to 4,654.5 levels in the intra-day deals and was the top-performing index on the NSE. In contrast, the benchmark Nifty was up 0.7 per cent at 11:40 AM. In the past two months, the index has rallied 19 per cent at the bourses as against a 0.03 per cent decline in the Nifty50 index.
Individually, Hindalco rose 6.2 per cent, Nalco (6 per cent), Adani Enterprises (3.4 per cent), and Welspun Corp (3 per cent). That apart, APL Apollo, Vedanta, Tata Steel, NMDC, and Ratnamani Metals and Tubes were up between 1.4 per cent and 3.4 per cent. SAIL, JSPL, Jindal Steel, Moil, and Hindustan Zinc added up to 1 per cent.
rices of other base metals such as copper and aluminum are also at decade high levels given huge demand-supply mismatch. According to a Bloomberg report, copper prices climbed to the highest in almost a decade on Monday as the global recovery from the pandemic extended a rally in metals markets. Aluminum is surging and iron ore jumped to a fresh high as commodities advance toward the highs of the last supercycle.
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