Metal Stocks Outlook
Seen up as disruption at Hormuz pushes prices higher
This story was originally published at 18:42 IST on 17 April 2026
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MUMBAI – Shares of metal companies, particularly those involved in mining operations, are expected to rise next week as the closure of the Strait of Hormuz has resulted in a supply-demand mismatch, pushing underlying commodity prices higher. However, since some companies draw more revenue from the sale of finished goods and rely on these metals as inputs, they may face additional costs, analysts said. With the de-escalation of the tension in West Asia, analysts expect the output of several companies to increase as industrial metal demand picks up again.
Aluminium prices continue to trend upwards and have risen nearly 8% in the last two weeks, despite the recent de-escalation in West Asia. This is mainly a result of the supply bottleneck at the Strait of Hormuz and attacks on aluminium plants of Emirates Global Aluminium and Aluminium Bahrain. "The blockage of the Strait of Hormuz is outweighing risks of demand destruction", Kotak Securities said in a report. Inflexible and insufficient global surplus capacity should keep aluminium prices firm, the brokerage said. It sees aluminium prices at $3,250 per tonne on the London Metal Exchange for 2027-28 (Apr-Mar), and a prolonged war may push them higher, the brokerage said. The brokerage on Wednesday upgraded National Aluminium Co. and Hindalco Industries to 'reduce' from 'sell'. Vedanta is the top metal stock pick for the brokerage among companies on which it has a 'buy' call.
"I expect that once the war (in West Asia) is over, there will be solid demand for industrial metals like copper as companies will be more willing to roll out the next stages of their capital expenditure plans," Manoj Jain, director of commodity and currency research at Prithvi Finmart, said. He expects the most demand to come from energy and defence companies in the near term. Global prices of copper and silver will rebound again, with sustained demand from artificial intelligence and cloud-based players, he added. Jain sees the price of silver touching $90–94 per ounce by the end of 2026.
The Nifty Metal index is trading in a higher-high, higher-low formation and has registered a bullish breakout on the charts, Vipin Kumaar, derivatives and technical analyst at Globe Capital, said. "Moving forward, we maintain our buy on dips approach," he said. The analyst expects the index to test the 13500–14000 levels in the near term. On the downside, the 12400–12200 zone will act as immediate support, he said.
The Nifty Metal index rose 4.2% this week to end at 12880 points on Friday. Welspun Corp., Lloyds Metals and Energy, and Hindustan Copper were the best-performing companies on the index, rising 7–12%. JSW Steel and APL Apollo Tubes were among those that gained the least during the week, but still notched around 2% gains each. Jindal Stainless was the only stock to end the week in the red.
TOP HEADLINES
* Vedanta commits to hold 50.1% in Hind Zinc to avail $125 mln offshore loan
* Hindustan Copper plans to send team to Chile to review mineral exploration
* Shyam Metalics arm begins production at phase-II of colour-coated sheet unit
* Vedanta says 10 subcontractor workers killed in Chhattisgarh plant incident
* Ashiana Ispat cannot sell steel bars with trademark similar to Kamdhenu - HC
* Godawari Power arm in supply deal with EVE Power for lithium battery cells
* Hind Zinc successful bidder for Rajasthan potash, halite block
* Pollution control board allows Shyam Metalics to resume ops at Rengali unit
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:
| Company | Price | Week-on-week change in % |
Resistance | Support |
| HINDALCO INDUSTRIES LTD | 1,039.00 | 4.70 | 1,050.70 | 1,019.20 |
| HINDUSTAN COPPER LTD | 569.60 | 7.50 | 582.00 | 550.30 |
| HINDUSTAN ZINC LTD | 592.30 | 4.90 | 603.20 | 575.80 |
| JINDAL STEEL LTD | 1,270.00 | 4.20 | 1,330.10 | 1,177.90 |
| JSW STEEL LTD | 1,240.30 | 2.10 | 1,270.80 | 1,183.40 |
| JINDAL STAINLESS LTD | 788.20 | 0.90 | 798.60 | 778.80 |
| NATIONAL ALUMINIUM COMPANY LTD | 438.75 | 5.20 | 451.20 | 416.30 |
| NMDC LTD | 89.78 | 5.50 | 92.00 | 86.20 |
| STEEL AUTHORITY OF INDIA LTD | 173.33 | 4.40 | 177.50 | 168.30 |
| TATA STEEL LTD | 212.12 | 2.70 | 215.00 | 207.10 |
| VEDANTA LTD | 787.50 | 5.70 | 802.40 | 764.90 |
| Index | Levels | |||
| NIFTY METAL | 12880.00 | 4.20 | 13084.90 | 12515.50 |
| NIFTY 50 | 24353.55 | 1.30 | 24549.70 | 23998.00 |
| BSE SENSEX | 78493.54 | 1.20 | 79085.00 | 77430.50 |
End
US$1 = INR 92.93
Reported by Eshitva Prakash
Edited by Saji George Titus
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