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Nifty Metal index at one-year high as Alumina prices rise

Nifty Metal index was the top gaining index among the sectoral indices on NSE. The index is trading at 3,693 level, up by 47 points or 1.29%. It has touched its fresh one-year high of 3,702 in morning trade. MOIL was the top gainer on the index trading at Rs 392.5 per share, up by 2.25%. SAIL was also trading higher by more than 2%.

Other metal stocks including Hindalco, Jindal Steel, Vedanta, Tata Steel, Hindustan Zinc and JSW Steel were also trading in the positive terrain, higher by more than 1%.

Alumina prices in the international markets have surged by 22% in 2017 so far. The alumina prices have been in an upward trend leading to huge demand for metal stocks on the bourses. Alumina prices may have risen on the back of a shutdown of bauxite production in China and an increase in the price of caustic soda.

In the past 15 days, the alumina prices have gained by 15%. There is spike in caustic soda demand as well due to supply tightness in some Chinese regions.

Meanwhile, Nifty was trading at 9,957 level, up by 27 points while Sensex was trading at 31,729 level, up by 66 points in the morning trade on Friday.