According to data from ACE Equity, Nifty Metal has risen 19.74 per cent on a year-to-date (Y-T-D) basis and outpaced sectors like pharma, healthcare and media.
Commodity rout: Precious metals - Gold, Silver, Platinum have cracked up to 47.5%; base metals - aluminium, copper, zinc, lead and nickel - plunged up to 18% in global markets from January 29 highs.
Devarsh Vakil, Head of Prime Research at HDFC Securities reckons that investors should wait for a 10-15 per cent price correction in Hindustan Copper and Hindustan Zinc.
Copper futures topped the $10,000-mark for the first time in 2 years, Aluminium futures quoted at 2-year highs earlier this month; here are the key levels to watch out.
A weaker U.S. dollar in recent days has also helped metals, which are priced in the greenback, by making them cheaper for buyers with other currencies.
The price buoyancy of base metals is likely to continue in the calendar year 2022, as low visible inventories and demand-supply gap may insulate against any sharp rate corrections
In the third instalment of a four-part series on how some of the defining numbers in key sectors are springing back to the pre-pandemic level, Ishita Ayan Dutt looks at India's metals industry
The Nifty Metal index is struggling to sustain above the 3,600 mark. However, once breached decisively, an up move towards 4,000 levels can not be ruled out.
Shares of firms in this space up 50-198% since November 2020; global demand for copper and aluminium outstrips supply, pushing spot prices higher than futures
MCX said it is planning to launch spot exchange in base metals which will help develop and discipline the fragmented physical market and complement bourse's delivery-based futures market
