Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

<ul>
<li>Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.</li>
<li>Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).</li>
<li>Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.</li>
</ul>


Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.
Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).
Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.


Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

Commodities

<ul>
<li>Supply-Led Rally: Zinc has rebounded ~15% to ~US$3,000/t, driven by mine curtailments, smelter shutdowns, collapsing TCs, and low inventories.</li>
<li>China Stimulus Tailwind: Beijing’s CNY 1tn package lifts sentiment for galvanised steel, which makes up ~60% of zinc demand, reinforcing price momentum.</li>
<li>Valuation Impact: Hindustan Zinc justifies a premium on pure-play exposure, while Vedanta offers cheaper diversified optionality; sustainability of prices above US$3,000/t remains the key investor question.</li>
</ul>


Supply-Led Rally: Zinc has rebounded ~15% to ~US$3,000/t, driven by mine curtailments, smelter shutdowns, collapsing TCs, and low inventories.
China Stimulus Tailwind: Beijing’s CNY 1tn package lifts sentiment for galvanised steel, which makes up ~60% of zinc demand, reinforcing price momentum.
Valuation Impact: Hindustan Zinc justifies a premium on pure-play exposure, while Vedanta offers cheaper diversified optionality; sustainability of prices above US$3,000/t remains the key investor question.


Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

<ul>
<li>Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.</li>
<li>With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.</li>
<li>This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.</li>
</ul>


Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.
With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.
This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.


Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> partners with Denmark’s Salling Group for AI-based digital and cloud transformation across 2,100 stores, aligning with its ‘Aspire 28’ growth vision.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-zinc-ltd" target="_blank" data-smartkarma-citation="entities:8688:1" rel="noopener">Hindustan Zinc (HZ IN)</a> announces INR 12,000 crore capex to double metal capacity in 36 months, aiming to meet surging demand and enhance long-term stakeholder value.</li>
<li>
<a href="https://www.smartkarma.com/entities/dassault-aviation-sa" target="_blank" data-smartkarma-citation="entities:21389:1" rel="noopener">Dassault Aviation SA (AM FP)</a> and <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> will build Falcon 2000 jets in India by 2028, making Nagpur a global hub for jet manufacturing and assembly excellence.</li>
</ul>



Tata Consultancy Svcs (TCS IN) partners with Denmark’s Salling Group for AI-based digital and cloud transformation across 2,100 stores, aligning with its ‘Aspire 28’ growth vision.

Hindustan Zinc (HZ IN) announces INR 12,000 crore capex to double metal capacity in 36 months, aiming to meet surging demand and enhance long-term stakeholder value.

Dassault Aviation SA (AM FP) and Reliance Industries (RIL IN) will build Falcon 2000 jets in India by 2028, making Nagpur a global hub for jet manufacturing and assembly excellence.


#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

India

Hindustan Zinc is an Indian integrated mining and resources producer, specializing in zinc, lead, and silver, and is the world's second-largest zinc producer and among the top five silver producers globally. The company also engages in captive power generation and manufactures phosphatic fertilizers. Hindustan Zinc is headquartered in Udaipur, Rajasthan, India, and was founded in 1966.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hindustan Zinc (HZ IN)

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Rahul Jain

Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

Zinc prices surge due to supply constraints and China stimulus, impacting Hindustan Zinc and Vedanta valuations. Sustainability above US$3,000/t...

Rahul Jain

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

Silver prices have surged due to industrial demand and investor interest, signaling a potential multi-year bullish cycle with opportunities for...

Rahul Jain

#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

TCS partners with Salling Group for AI transformation, Hindustan Zinc plans capex for capacity expansion, Dassault Aviation and Reliance to build...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

​Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Rahul Jain

Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

​Zinc prices surge due to supply constraints and China stimulus, impacting Hindustan Zinc and Vedanta valuations. Sustainability above US$3,000/t...

Rahul Jain

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

​Silver prices have surged due to industrial demand and investor interest, signaling a potential multi-year bullish cycle with opportunities for...

Rahul Jain

#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

​TCS partners with Salling Group for AI transformation, Hindustan Zinc plans capex for capacity expansion, Dassault Aviation and Reliance to build...

Sudarshan Bhandari

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Safe-haven demand and supply tightness drive gold, silver, copper, and aluminium performance, while China weakness impacts ferrous, nickel, and coal.

Zinc prices surge due to supply constraints and China stimulus, impacting Hindustan Zinc and Vedanta valuations. Sustainability above US$3,000/t...

Silver prices have surged due to industrial demand and investor interest, signaling a potential multi-year bullish cycle with opportunities for...

TCS partners with Salling Group for AI transformation, Hindustan Zinc plans capex for capacity expansion, Dassault Aviation and Reliance to build...