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Informist, Friday, Feb. 6, 2026

MUMBAI – Analysts expect shares of metal companies to be volatile in the near term, mirroring movement in base metal prices. Copper prices are likely to be volatile in the near term amid caution over stockpiles continuing to be built and high prices curbing physical demand. Hindustan Copper, which declined 15.5% this week amid a decline in price of the red metal, will be in focus. Meanwhile, silver prices recovered somewhat from last week's sell-off. 

Underlying demand signals remain constructive for copper, supported by strong investment plans from China's State Grid in ultra-high voltage and energy infrastructure projects, which could provide medium-term support for consumption of the metal once seasonal demand normalises, Kotak Securities said in a report. "Copper extended losses (on the London Metal Exchange) as rising inventories across the LME, SHFE (Shanghai Futures Exchange) and COMEX reinforced concerns over near-term demand, particularly in China where buying interest from fabricators has slowed ahead of the holiday period," the brokerage said. Copper price movements are likely to lend cues for Hindustan Copper, India's largest manufacturer of the red metal. 
 

Friday, the Nifty Metal index ended 21.95 points, or 0.2%, lower at 11943.15 points. The index gained around 1% during the week, closing with gains after falling for two weeks. Among index toppers, Lloyds Metals and Energy ended the week with 14% gains, followed by Welspun Corp. Hindustan Copper was hit the hardest, followed by National Aluminium Co., which closed 8% lower. Analysts expect the sectoral index to be volatile in upcoming sessions owing to global uncertainities which affects metal prices.

TOP HEADLINES

* Hind Copper Oct-Dec PAT up over two-fold YoY at INR 1.56 billion
* Shyam Metalics stainless steel sales fall 5.4% YoY to 8,482 tn in Jan
* BHEL gets order of INR 12 bln-INR 15 bln from Hindalco Industries
* Lloyds Metals OKs issuing 805,500 pref shares on conversion of warrants
* Lloyds Metals Oct-Dec consol PAT up over two-fold YoY at INR 10.47 bln
* NMDC Steel net loss narrows YoY to INR 2.44 billion in Oct-Dec
* Tata Steel subscribes to equity share in overseas arm for $626 mln
* Analyst Concall: SAIL sees FY26 capex about INR 100 bln, FY27 at INR 150 bln
* Analyst Concall: Jindal Steel sees stronger Q4 in terms of prices, volumes
* Earnings Review: Jindal Steel Q3 consol PAT down 80% YoY on increased costs
* Earnings Review: SAIL Q3 PAT surges on low base, beats Street view
* Analyst Concall:NALCO FY26 capex pegged at INR 17 bln, seen rising from FY27
* Earnings Review: NALCO Q3 PAT and revenue up, beats Street marginally
 

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

End

Reported by Gopika Balasubramanium

Edited by Rajeev Pai

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