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Metal stocks slip

June 7, 2010

People walk past the Bombay Stock Exchange (BSE) building in Mumbai January 9, 2009. REUTERS/Punit Paranjpe/FilesBSE Metal index dropped 4 percent while the broader index closed down 1.9 percent lower on Monday as investors joined a global sell-off after weak U.S. jobs data and concerns over a potential debt crisis in Hungary hit risk appetite.

Shares of metal manufacturers were trading sharply lower as London copper slumped to near eight-month lows and Shanghai metals hit their downside limit.

Stocks that led the Metal index decline were Bhushan Steel, which ended 3.4 pct lower, JSW Steel down 4.3 percent and Sterlite Industries down 4.2 percent.

Tata Steel ended 4.6 percent lower while SAIL closed 3.8 percent down at 193 rupees.

Metal stocks like Bhushan Steel and SAIL have performed badly this year, sliding over 10 percent and 19 percent respectively while the BSE Metal index fell over 18 percent till date.

Do you think metal stocks will plunge further?

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