Why did metal stocks rally so sharply on 29 July?
Answer
Answer
On 29 July, the metal index rallied 5% with metals dominating the gainers list. Bloomberg projected India’s steel consumption to set records in 2021 as steel demand is expected to surge 17% to 110 MTPA in FY22. Metals demand has been triggered by rising power consumption, higher mining and higher sales of tractors and passenger vehicles. Global metals prices have also been on a LME rally.