Metal Stocks Plunge Amid Broad-Based Correction in Commodities Space

Metal stocks took a hit in Tuesday's trading session due to broad-based correction in the commodities space.

The Nifty Metal index dropped by close to 1.76% during intraday trading, with Hindustan Copper emerging as the biggest laggard at 3.27% decline.

Other metal stocks like SAIL, JSL, Hindalco, Vedanta, etc were down by around 2% to 3%. Hindustan Zinc share price was down 2.34%, NMDC share price was down 1.95%, and Tata Steel share price was down 1.72%.

The decline in metal stocks coincided with a weaker sentiment across the broader commodities space, as MCX gold April contracts dropped by close to 1.61% to Rs 1,52,275 per 10 grams.