Metal Stocks Dip by Up to 2% Amid Corrections in Prices

Metal stocks in India have dropped by up to 2% on Tuesday after posting sharp gains in the previous session. The Nifty Metal index fell by half a percent, with NMDC shares leading losses at over 2%. Hindustan Copper shares lost more than 1%, reversing their 8% rally from the day before.

The decline comes as metal prices corrected after hitting multi-month highs on Monday. Copper prices dropped due to disappointing economic data from China and the expiration of the US-Iran truce without a longer-term peace deal. The red metal had hit its highest level in over six months on concerns about availability on the London Metal Exchange.

Gold and silver prices also fell in the domestic market, despite extending gains internationally.