Nalco, Hindalco, Vedanta share price rise 2-6%. Should you Buy , Sell or Hold the stocks?
Hindalco Industries , Vedanta , National Aluminium (NALCO) share price rose 2-6% during the morning trades on Thursday. Though these three non ferrous stocks had corrected 9-16% from their February and March highs amidst volatility in the markets. However it is the declining raw material costs primarily that of coal that are to support profitability.
The expected support to base metal prices is likely to be provided by rising global demand as interest rate peak and some uptick in China demand. The Aluminium prices while had slipped close to $2130 a tonne levels on the London metal Exchange (LME) in February , have recovered rising by around $100 a tonne now. Some optimism on China demand improvement and also the expected uptick in global Aluminium demand have supported this improvement.
Though overall demand improvement may be met by supplies, analysts estimate Aluminium prices to still remain supportive and have cushion on the down side. Aluminium prices are likely to average $2400 a tonne during FY25 and $2270 a tonne during FY26 as per Nuvama Institutional Equities estimates. Also Read- Nifty IT index breaks 4-day losing streak, climbs 1.50% as Fed maintains rate cut forecast Analysts at Antique Stock Broking say that Aluminum prices are expected to be supported by subdued Chinese exports and lower LME inventory levels.
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