India's Nifty metal index jumps on strong China manufacturing data

Welspun

01/03/2023 06:20

** India's Nifty metal index  .NIFTYMET  rises 3.2% to
5,438.45
    ** China's manufacturing purchasing manager's index (PMI)
rose to 52.6 in February, highest since April 2012, signaling
pickup in production after COVID curbs were lifted, fuelling
high demand hopes globally
    ** Manufacturing PMI indicates gradual opening up of
economy, resulting in higher domestic consumption of commodities
in China, Antique Research says in a note
    ** Sequentially higher prices and declining cost to aid
profitability of domestic non-ferrous metal companies - Antique
Research 
    ** Aluminum, zinc, and lead are expected to remain in
deficit globally with restricted supply, brokerage says
    ** Indian metal companies reported slump in recent quarterly
profits due to fall in commodity prices coupled with low demand
    ** National Aluminium  NALU.NS , Jindal Steel  JNSP.NS ,
Hindustan Zinc  HZNC.NC , Welspun Corp  WGSR.NS , Hind Copper
 HCPR.NS  and HINDALCO  HALC.NC  rise between 2%-3%  

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))