Metal Stocks Outlook for the week – 31.07.2017 to 04.08.2017
Metal Stocks Outlook for the week – 31.07.2017 to 04.08.2017
( www.rupeedesk.in )
Stocks of metal and mining companies are seen weak next week as investors are likely to book some profits after the recent rally in the Space. The Nifty Metal index today ended higher for the fifth consecutive week, having gained nearly 14% during this period. The index was at a near three-year high earlier this week. Benchmark indices Nifty 50 and Sensex closed 1% higher on week, after having hit lifetime highs earlier in the week. Indices have ended higher for the fourth week in a row. While shares of most metal companies saw a subdued week, those of Hindustan Copper stood out, gaining 6.5% tracking the strength in copper prices on the London Metal Exchange. After sharp gains this week, the stock is likely to consolidate in the near term. JSW Steel will be in focus as the company is scheduled to report its Apr-Jun earnings on Tuesday. Weak pricing power, especially for flat products in the domestic market, and high coking coal costs are expected to keep the steel maker's earnings subdued for the quarter ended June.
Source : Cogencis Information Services Ltd.
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Metal Stocks Outlook for the week – 31.07.2017 to 04.08.2017
( www.rupeedesk.in )
Stocks of metal and mining companies are seen weak next week as investors are likely to book some profits after the recent rally in the Space. The Nifty Metal index today ended higher for the fifth consecutive week, having gained nearly 14% during this period. The index was at a near three-year high earlier this week. Benchmark indices Nifty 50 and Sensex closed 1% higher on week, after having hit lifetime highs earlier in the week. Indices have ended higher for the fourth week in a row. While shares of most metal companies saw a subdued week, those of Hindustan Copper stood out, gaining 6.5% tracking the strength in copper prices on the London Metal Exchange. After sharp gains this week, the stock is likely to consolidate in the near term. JSW Steel will be in focus as the company is scheduled to report its Apr-Jun earnings on Tuesday. Weak pricing power, especially for flat products in the domestic market, and high coking coal costs are expected to keep the steel maker's earnings subdued for the quarter ended June.
Source : Cogencis Information Services Ltd.
