Shares of ten metal and mining companies rose by 0.43% to 3.75% at 12:48 IST on BSE after copper price edged higher in the global commodities markets.
Hindalco Industries (up 3.75%), Vedanta (up 1.3%), Steel Authority of India (up 1.53%), JSW Steel (up 0.44%), Tata Steel (up 1.6%), Hindustan Copper (up 1.48%), Hindustan Zinc (up 0.43%), Jindal Steel & Power (up 0.95%), National Aluminium Company (up 3.79%) and NMDC (up 3.02%) edged higher.
The S&P BSE Metal index was up 1.7% at 13,889.33. It outperformed the Sensex, which was up 0.28% at 33,788.54.
Copper price edged higher in the global commodities markets. High Grade Copper for May 2018 delivery was currently up 0.76% at $3.1005 per pound on the COMEX.
Metal and mining stocks were boosted after Chinese President Xi Jinping's speech eased trade war tensions between US and China. Investors digested comments from Xi Jinping on measures planned to further open up the Chinese economy. Xi backed free trade and dialogue to resolve disputes in his keynote speech today, 10 April 2018 to the Boao Forum for Asia. China is the world's largest consumer of steel, copper and aluminum.
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