Sterlite Industries (India) Ltd., the nation’s largest zinc and copper producer, surged the most in more than a year after China’s move to end the yuan’s fixed rate to the dollar lifted metal prices.
The company’s shares climbed as much as 10 percent to 186.80 rupees, the biggest gain since May 18, 2009, and traded at 185.25 rupees at 12:01 p.m. in Mumbai. The stock was the top performer today on the BSE Metal Index. The 15-member gauge rose as much as 5 percent to 15,555.83, the highest since May 17.
Copper jumped as much as 4.6 percent to $6,729.75 a metric ton on the London Metal Exchange, while zinc added as much as 5.3 percent to $1,821.75 a ton and aluminum rose as much as 3.9 percent to $2,019 a ton after China two days ago signaled an end to the yuan’s fixed rate to the dollar, a move that may bolster the country’s purchasing power.
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