Hindustan Copper, Vedanta, Hindustan Zinc, NALCO
Copper price rally lifts non-ferrous stocks as supply constraints persist
Rising demand from essential industries and constrained supply growth are expected to support elevated copper prices in the long term, according to an Aditya Birla Capital report. The brokerage notes that limited new mine supply, increasing strategic demand, and a focus on supply chain security are creating a commodity cycle distinct from traditional demand-led patterns.
These factors are likely to push the copper market into a prolonged deficit, benefiting non-ferrous equities with exposure to industrial metals. Stocks such as Hindustan Copper, National Aluminium Company Limited (NALCO), Vedanta Aluminium Metal, Vedanta Limited, and Hindustan Zinc are identified as potential beneficiaries due to their varying degrees of metal exposure.
On Thursday, October 1, NALCO shares closed 2.38% lower at ₹334.15 on the BSE, with a market capitalisation of ₹61,371.05 crore. The stock has delivered returns of 55% in one year, 49% in two years, and 243% over three years.
Hindustan Copper shares ended 2.28% lower at ₹461.95 on the BSE, with a market capitalisation of ₹4,467.17 crore. The stock has returned 37% in one year, 32% in two years, and 184% in three years.
Vedanta Aluminium Metal shares fell 2.46% to ₹402.85 on the BSE, declining 10.87% over the past three months.
Hindustan Zinc shares closed 1.49% lower at ₹556.85 on the BSE, delivering returns of 15.7% in one year, 7% in two years, and 80% in three years.
Vedanta shares ended 2.70% lower at ₹251.90 on the BSE, with one-year returns of 50%, two-year returns of 35%, and three-year returns of 214%.
The brokerage adds that companies like NALCO, Hindustan Copper, Hindustan Zinc, and Gujarat Mineral and Development Corporation (GMDC) are expanding capabilities in rare earths and critical minerals, positioning non-ferrous players as direct beneficiaries of the ongoing cycle with potential for strong earnings growth.
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