China, the world's largest consumer of industrial metals, plans to inject $586 billion to give a boost to its economy, which is expected to support sentiment for base metals across the globe. The plan involves a huge amount of investment in infrastructure and transportation construction, which could improve demand for metals.
London Metal Exchange copper MCU3 rallied to $4,035 a tonne at 10:12 IST today, up 7.5%. LME zinc MZN3 rose 5.4% and lead MPB3 added 4.7%.
At 11:29 IST, the BSE Metal index was up 7.47% at 5,536.98, outperforming the barometer index the BSE Sensex, which was up 2.75% at 10,238.08.
Tata Steel, Hindalco Industries, Sterlite Industries, Steel Authority of India, Hindustan Zinc, and Jindal Steel & Power were up by 5.98% to 12.88%
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