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Informist, Friday, Dec 5, 2025

MUMBAI – Shares of metal companies are likely to continue to rise for the third straight week, supported by an increase in global base metal prices and copper prices, weakness in the dollar index, and strong base metal demand. The US Dollar index was slightly down at 99.06 at 2238 IST. The index had fallen to its lowest level since Oct. 29 on Thursday.

Investors saw opportunities as metal prices climbed, benefiting companies in India's mining and metals sector. This is expected to boost earnings prospects for metal companies. Additionally, the US added silver and copper to its critical minerals list, a move expected to strengthen the long-term demand outlook for these metals. In India, the government has identified 30 critical minerals vital to the country's economic development and energy transition. 

Analysts expect a bullish moment to continue for the sector with a buy-on-dip approach. They see the immediate resistance for the Nifty Metal index at 10500-10700 points and support at 10100-10000 points. "It (Nifty Metal index) underwent a few weeks long retracement post a multiyear breakout. Last week it formed a bar reversal on the weekly chart that is the initial sign of continuation of the prevailing uptrend," Vipin Kumaar, derivatives and technical analyst at Globe Capital Market, said.

In November, Indian steel prices fell 2% on a monthly basis to INR 46,000 per tonnes, while Chinese steel prices increased by 2% on month to $470 per tonnes as producers hiked export prices owing to lower production. "...capacity additions continued to support robust supply, although rising inventories, oversupply and a liquidity crunch exacerbated by the absence of any safeguard duties contributed to steel prices falling to 5-Year lows, below import parity levels," IDBI Capital said in a report. It expects this decline in steel prices to impact margins, especially with rising iron ore prices in the December quarter.

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Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:

End

Reported by Arundathi A R
Edited by Deepshikha Bhardwaj

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