Kunal Shah, VP and Head of Commodities Research at Nirmal Bang Securities remains most positive on copper. Looking ahead to 2026, he expects strong demand from data centres and artificial intelligence (AI) infrastructure, saying the US could see “5-6%” demand growth while India could see “8-9%”. He said copper prices at $10,000 per tonne today could reach $12,500–$13,000 per tonne by the end of next year.

On zinc, Shah sees a similar trend, with supply shrinking as smelters cut capacity. Despite softer steel demand in China, LME inventories have fallen sharply. Zinc has already risen about 15% in the last two months, and Shah said another “15 to 20% upside” is possible.

Metals have seen heavy profit-taking over the past week despite starting October and November on a firm note. Shah said

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