Why are Hindustan Zinc, Nalco, SAIL, Tata Steel and other metal stocks rising today?

Metal Stocks Today: Metal stocks witnessed strong buying interest as the Nifty Metal index rose 1.8 per cent to 10,710.55, tracking record highs in global metal prices.

Several stocks in the index gained between 1 per cent and 5 per cent, supported by strength in non-ferrous metals such as copper, aluminium, zinc, gold, silver and platinum.

Among the top gainers, National Aluminium (NALCO) rose 4.65 per cent, Lloyds Metals gained 4.28 per cent, Hindustan Copper climbed 4.21 per cent, SAIL advanced 4.19 per cent, and Welspun Corp was up 4.19 per cent.

Other stocks such as Hindustan Zinc, NMDC, Hindalco, JSW Steel, Vedanta, Tata Steel and Adani Enterprises were also trading higher.

Global Metals at Record Levels

Global metal prices remained firm, providing strong support to domestic metal stocks. Gold traded near $4,430 per ounce, while silver hit a fresh lifetime high near $70.

Platinum surged for the ninth consecutive session, crossing $2,100, and LME copper touched record levels close to $12,000 per tonne. LME aluminium also moved to a three-and-a-half-year high.

Analysts attribute the rally to strong investment demand in precious metals and rising industrial demand for silver. Copper prices are being supported by expectations of higher demand from AI, electric vehicles and renewable energy, amid concerns over tight global supply. Goldman Sachs remains bullish on copper and aluminium.

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Why Non-Ferrous Stocks Are in Focus

According to JM Financial Institutional Securities, non-ferrous companies are expected to see margin expansion in Q3FY26 as LME prices continue to trend higher.

Average LME aluminium prices rose to $2,800 per tonne, up about $194 per tonne quarter-on-quarter. Hindustan Zinc is also expected to benefit from higher zinc prices, which were up $215 per tonne QoQ in Q3.

Analysts believe non-ferrous metals are better placed than steel in the near term, as steel spreads remain under pressure due to global oversupply and uncertainty around safeguard duties.

Policy Support and Outlook

India has imposed anti-dumping duty on cold-rolled non-oriented electrical steel imports from China for five years, with duties ranging between $223.8 and $414.9 per tonne, offering relief to domestic steel producers.

Looking ahead, analysts expect metal prices to remain elevated in 2026, driven by supply disruptions and demand from sunrise sectors such as EVs and renewable energy.

ICICI Securities remains positive on the non-ferrous space, naming Vedanta as its top pick due to expanded capacities, focus on value-added products and capital-efficient operations.