At around 1.14 pm, the Nifty Metal index was trading at 4,012.90 down by 45.70 points or 1.13%. The index has touched an intraday high and low of 4,014.55 and 3,934.60 respectively.
The index was dragged by Hindustan Copper the most as the stock plunges nearly 5% followed by SAIL, JSW Steel, MOIL and JSPL tumbling between 2-2.4%.
Stocks like Tata Steel and Coal India dived by 1.6% and 1.5% respectively. Nearly 1% drop each was recorded in Hindalco and NALCO.
On the positive front, Welspun Corp took lead soaring by 4.4% followed by APL Apollo gaining 3.5% and Midhani surging 2%. Stocks like Hindustan Zinc, NMDC and Ratanamani advanced around 1% each.
The three-month nickel on the London Metal Exchange slipped below $16,800 a tonne. The nickel has tumbled by at least 5% on Thursday to $16,555 a tonne the lowest since December 23 last year.
Meanwhile, the June nickel contract on the Shanghai Futures Exchange slumped to 130,510 yuan a tonne which would be its largest intraday loss since May 2020. The performance comes after China-based Tsingshan signed a major deal to provide 100,000 tonnes of nickel matte to Huayou Cobalt and CNGR Advanced Material.
On the other hand, copper price maintains over $9,200 a tonne level at the London Metal exchange.