All Nifty Metal stocks in the green in 2024 so far, Hindustan Zinc gave multibagger returns; what lies ahead?

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Hindustan Zinc has given multibagger returns, surging almost 105 percent. It was followed by Vedanta, which jumped over 68 percent and Jindal Stainless, up over 40 percent. Meanwhile, JSPL, NALCO, and Tata Steel also advanced between 20 and 40 percent.

Among other stocks, SAIL, NMDC, Hindustan copper, and Hindalco also rose over 10 percent each.Ratnamani Metal Tunes, JSW Steel, and APL Apollo Tubes were also positive but up in single digits between 1 and 6.5 percent.The sharp rise in industrial metal prices can be attributed to a combination of increased demand from growing business activity in major economies and ongoing supply disruptions due to heightened tensions in key metal-producing nations. The recent ban on Russian metals, specifically nickel and aluminum, by Washington and London has further exacerbated concerns about potential disruptions to global supply chains.Additionally, China's property support measures and better-than-expected industrial data have spurred momentum buying, driving base metal prices higher. The rally has also been supported by banks, miners, and investment funds, who have been highlighting copper’s promising long-term prospects.

A surge of investment into the market has helped maintain elevated prices. Moreover, nickel and aluminum prices have also been on a rise.Going ahead, experts believe that Strong PMI figures in China and robust economic fundamentals in the US have driven up commodity prices. While demand remains resilient, supply issues in copper and aluminum have supported base metal prices.