Metal stocks crumble on global commodity sell-off

Copper tanks 6% on LME; Hindalco, Sesa Sterlite lead metal fall on the NSE.

 Metal stocks have logged heavy losses in early noon deals owing to a sharp sell-off in the world commodity prices on concerns of global demand.

The NYMEX Copper futures for March delivery have slumped 4.5 per cent to $ 2.486.

Spot Copper prices on the LME have tanked by almost 6 per cent to $ 2.5358.

Nickel, Lead, Aluminium and Zinc have shed around 1-3 per cent each.

Mirroring the negative sentiments, the CNX Metal index is the major laggard on the NSE, down 2.7 per cent at 2,478.

Hindalco is the major loser, down over 6 per cent at Rs. 142.50.

Sesa Sterlite has shed 4.5 per cent to Rs. 195.

Jindal Saw, Tata Steel, JSW Steel and SAIL have dropped around 3 per cent each to Rs. 83.75, Rs. 381, Rs. 967 and Rs. 76.15, respectively.

NMDC, National Aluminium and Orissa Mines have declined over a per cent each.