Hindalco, Nalco slip 9% as US softens stance on aluminium producer Rusal

Shares of National Aluminium Company (Nalco) and Hindalco Industries have fallen more than 9% on the market as fall in aluminium prices after the Trump administration has signalled it could ease sanctions against Russian aluminium producer Rusal.
Nalco has tanked 10% to Rs 75.85, while Hindalco Industries plunged 9.5% to Rs 232 on the National Stock Exchange (NSE) in early morning trade on Tuesday. Vedanta and Hindustan Copper were down 3% each on the NSE.

At 09:44 am; Nifty Metal index, the largest loser among sectoral indices, was down 2.7% as compared to 0.11% rise in the Nifty 50 index. The S&P BSE Metal index was down 3.4% in intra-day trade today.

LMEX, a gauge of six metals traded on the London Metal Exchange (LME), slipped 3% on Monday after fall in aluminium prices.

“Aluminum prices on the LME tumbled 8.7% on the U.S. Treasury Department announcement, which gives Rusal longer to sell off large quantities of aluminum it had been stockpiling in the wake of sanctions,” the Reuters report suggested.