Metal stocks shine as China manufacturing rebounds, Hindustan Copper up 8%

China’s manufacturing activity expanded for the first time in six months, triggering a surge in Indian metal stocks on hopes of growing demand

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Metal stocks surged in the trade on April 1 after economic data from China indicated that the manufacturing sector is seeing a rebound, which may lead to a rise in demand for metals.

China’s manufacturing activity expanded for the first time in six months, rising at the fastest pace in 13 months. The manufacturing purchasing managers index rose to 50.8 in March from 49.1 in February, which experts see as a sign of stabilising of the world’s second largest economy.

Indian metal stocks were  seeing a strong upswing. The Nifty metal index jumped 3.4 percent to new a high. Of its constituents,  Hindustan Copper, Welspun Corp and Vedanta were the top gainers, rising up to 8 percent.

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Talking to Moneycontrol, Vinit Bolinjkar of Ventura Securities, said that aside from positive manufacturing update from China, the commodities sector is at the start of a structural bull cycle, expected to last eight to 10 years.

The last commodity supercycle was in the mid-2000s, spearheaded by reforms in China, leading to prices of iron ore, steel, coal and natural gas rising sharply.

Another reason for the rise in metal prices is the global infrastructure thrust and increasing defence spends, which has spurred the demand for metals, Bolinjkar said. As the demand for copper, zinc and lead rise, the supply dries up, causing prices to shoot up.

“The domestic demand for iron ore is expected to move in tandem with infrastructure and construction growth. The domestic steel sector is well placed compared to its global peers. Similarly, as crude steel capacity inches up to 300 mt by FY30-31, total demand for iron ore would be around 435-445 mt,” Motilal Oswal said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.