09 Oct , 2025 By : Debdeep Gupta
Metal shares snapped their three-day losing streak on October 9 as base metal prices rose on supply concerns from major mines, including Freeport's Grasberg mine in Indonesia.
Nifty Metal was the top sectoral gainer on October 9 by rising 1.6?ter falling 1.4% in the previous three sessions.
The gains on the sectoral index were driven by Hindustan Copper, SAIL, Tata Steel, which rose 4.6%,3.07%, 3.05%, respectively. Shares of NALCO and NMDC rose 2.4% and 2.3%, respectively.
Copper is trading close to a record high following a series of mine outages that are crimping supply, including Indonesia’s Grasberg, the world’s second-biggest producer. The Freeport-McMorRan Inc. operation may only resume by mid-2026, according to state news agency Antara, which cited a local official.
Copper also climbed because minutes from the Federal Reserve showed a willingness from participants to lower interest rates again this year, which would provide a potential boost to non-yielding assets.
Investors see rate cuts likely in October and December.
Meanwhile, the European Commission proposed on Tuesday cutting tariff-free steel import quotas by almost half and a 50% duty for excess shipments in a bid to preserve viable steelmaking in the European Union.
Due to rising imports and US tariffs, EU steel producers are operating at only 67% of capacity and the new measures are designed to push that up towards 80%.
ICICI Direct said the impact from this move is likely to be minimal for Tata Steel and Steel Authority of India as they have less than 8% share of exports. "Moreover, Tata Steel will be beneficiary given it has a 7 MTPA (million tonnes per annum) production capacity in Netherlands, which accounts for 25% of the consolidated revenue of the company," the broking firm said.
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