Nearly all London Metal Exchange futures contracts were down on the morning of Tuesday December 14, with the exception of copper and tin, while nearly 75,000 tonnes of aluminium made their way into Asian warehouses.
Nearly all London Metal Exchange futures contracts were down on the morning of Tuesday December 14, with the exception of copper and tin, while nearly 75,000 tonnes of aluminium made their way into Asian warehouses.
Book profit in steel stocks to buy aluminium stocks: Hemang Jani
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Last Updated: May 26, 2021, 12:35 PM IST
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Synopsis
One can expect more re-rating in steel stocks on the basis of stronger balance sheets, says Hemang Jani
ETMarkets.com
It would make sense to take out some profits from steel and shift to aluminium where things are looking slightly better and the risk is less, says Hemang Jani, Equity Strategist & Senior Group VP, Motilal Oswal Financial Services. Edited excerpts from an interview:
Do you agree with Credit Suisse s view that it is time to sell steel and go away?
We have seen massive upgrades across steel stocks in the last 2 quarters. The major hypothesis has been that prices are firming up internationally. India is still at a discount and things are looking good. So there are two aspects here. One is that in metals or any other commodity play, the call is on the basis where the prices of those commodities are moving. The second part, which is
Aluminium’s London Metal Exchange three-month price rose above $2,200 per tonne in early morning trading on Monday March 15, while the rest of the complex were consolidating from “early March weakness.”