Major metal stocks weakened by up to 9 percent on April 4, with the biggest losers including Hindustan Copper, National Aluminum, Vedanta, Tata Steel, among others, on growing concerns that President Trump's latest tariffs could severely impact demand for industrial commodities.
The Nifty Metal index lost nearly 7 percent on April 4 after declining a percent on April 3. Among top losers, Hindustan Copper fell nearly 9 percent, while National Aluminum, Vedanta, Tata Steel and Hindalco shares dropped over 8 percent each.
SAIL shares lost over 5 percent. JSW Steel shares meanwhile declined over 3 percent.
While metals were largely excluded from the sweeping trade restrictions, fears remain that the broader economic effects of Trump’s policies could slow global growth and hurt consumption.
On the COMEX, copper for May delivery fell to $4.839 per lb. ($10,645 per tonne), marking a 10% decline from last week’s record high. Meanwhile, copper on the London Metal Exchange slid as much as 2% to $9,510.5 per tonne, with aluminum also dropping to its lowest level in nearly seven months.
Market analysts warn that copper prices may face continued downward pressure as investors assess the full implications of the new tariffs. Citigroup analysts, including Max Layton, predict that copper prices could slide further to $8,500 per tonne in the second quarter for 2025 as tariff-related concerns weigh on global growth.
Economists are projecting a 30 bps downside risk to India’s GDP growth estimate, with 9% of exports at risk. US tariff hikes may slow global economic growth and fuel inflation, while oil prices could remain lower than forecast for several years due to reduced global demand, economists said.
Countries worldwide threatened to escalate a trade war with the U.S. after President Trump’s sweeping tariffs sparked fears of rising prices in the world's largest consumer market. The announcement on Wednesday sent global markets tumbling and drew sharp criticism from leaders facing the collapse of decades-long trade liberalization.
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
