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Metal counters post gains after yuan move

June 21, 2010

Metal stocks jumped on Monday, boosted by China’s move to make the yuan exchange rate more flexible.

Prices of industrial metals jumped in London as China’s pledge on the yuan raised hopes of stronger demand growth in China.

Sterlite Industries’ shares rose 8.2 percent and ended as the top gainer on the BSE Sensex. Sesa Goa climbed 9.5 percent to top the list of gainers in the metals index. Tata Steel rose 6.3 percent.

All components in the metals index posted gains, with five adding more than 5 percent.

Do you think these stocks are going to rally further?

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