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The Nifty Metal index jumped 5.9% – its best single-day performance in three years. Hindustan Copper soared 10%, emerging as the top gainer of the day. Steel Authority of India Limited (SAIL), National Aluminium Company (Nalco), Tata Steel and JSW Steel, which gained 5-8% each.
The US and China on Monday agreed to reduce the steep tariffs they had imposed on each other. As per the agreement, the US will lower its overall tariffs on Chinese goods from 145% to 30%, while China will cut US tariffs from 125% to 10%.
“We believe commodity prices are poised to strengthen from here, benefiting metal companies across the board,” said Arijit Malakar, equity research analyst at Ashika Stock Broking.
Investors had cut exposure to metal stocks after the announcement of Donald Trump’s tariffs in April was feared to trigger a global economic slowdown, which would lower global demand for metals.
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https://economictimes.indiatimes.com/markets/stocks/news/metal-stocks-surge-as-us-china-trade-deal-eases-economic-concerns/articleshow/121122565.cms
