NIFTY Metal index surges to fresh record high; here is why metals are shining in trade today

Vedanta was the top gainer in the NIFTY Metal index; the stock rose over 5.5% to hit a fresh 52-week high of ₹679.45. Hindustan Zinc, Hindustan Copper, Tata Steel, National Aluminium Company, SAIL, Jindal Steel, NMDC, Hindalco and APL Apollo Tubes also rose between 1.6% and 5.4%.

Why are metal stocks witnessing buying interest?

Metal stocks have been on investors' radar for quite some time now on the back of surging precious and industrial metal prices in the domestic as well as international markets, analysts noted.

In the last one year, the the NIFTY Metal index has surged a whopping 41%, data from the NSE showed.

Shares of copper producer Hindustan Copper and silver producer Hindustan Zinc have been hitting new highs, mirroring the record-breaking rally in silver and copper prices.

Silver futures for delivery on March 5, 2026, rose as much as 4.65% to hit a record high of ₹2,87,990 per kilogram on the Multi Commodity Exchange. Likewise, copper for delivery on January 30 jumped as much as 1.64% to hit an intraday high of ₹1,331 per kilogram.

Prices of precious metals have been witnessing strong buying interest for quite some time, as rising geopolitical tensions have led to higher demand for them, as they are considered safe havens at a time when geopolitical tensions are on the rise.

The latest round of geopolitical tensions emerged after US President Donald Trump consulted with his national security team on Tuesday about next steps with Iran as he looked to get a better understanding of the number of Iranian citizens who have been killed and arrested in more than two weeks of unrest throughout the country.

Trump said he believes that the killing is “significant” and that his administration would “act accordingly”. He added that he believed the Iranian government was “badly misbehaving”.

But the president said he has yet to receive a confirmed number of Iranians killed in the protests that began late last month, saying he has heard “five different sets of numbers” about the death toll, news agency AP reported.

Industrial metals like aluminium and copper are surging as industrial demand has gained traction amid the rise of artificial intelligence and the transition to green energy. The threat of tariffs by the United States on industrial metals is also leading companies to stockpile them.

Supply concerns due to production setbacks in Chile and Indonesia are also fuelling the rally in metals, which is also leading to surging prices of base metal companies on exchange, analysts added.

As of 11:34 am, the NIFTY Metal index traded 2.67% higher at 11,659, outperforming the NIFTY50 index, which was trading on a flat note.