The Nifty Metal index was up over 4 percent, while stocks such as Hindustan Copper, National Aluminium, Hindalco, Vedanta, JSW Steel and Jindal Steel, among others, gained 2-12 percent.
Shares of metal companies were buzzing in trade on Thursday as investors cheered uptick in global metal prices.
The Nifty Metal index was up over 4 percent, while stocks such as Hindustan Copper, National Aluminium, Hindalco, Vedanta, JSW Steel and Jindal Steel, among others, gained 2-12 percent.
Aluminium hit its highest in nearly seven years on Wednesday amid growing supply concerns in the aftermath of U.S. sanctions on Rusal, while nickel hit a three-year peak on technical factors and fears over additional Russian sanctions.
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Overnight, global miner Rio Tinto flagged possible downward adjustments to its 2018 aluminium output following sanctions on its Russian partner Rusal.
Concerns over the impact of sanctions on Rusal, which began on April 6, have pushed up aluminium up 25 percent so far.
Additionally, the metal also surged on the back of US company Alcoa foreseeing deficit for aluminium and alumina this year.
“Due to delays in projects to expand smelters in China, the company expects the global aluminium deficit to grow to between 600 thousand metric tons and 1 million metric tons, up from last quarter’s deficit estimate of between 300 thousand metric tons and 700 thousand metric tons. Global aluminium demand growth is projected between 4.25 to 5.25%,” The Hindu Business Line reported, quoting an earnings release by Alcoa.