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“We are very positive on metals. A weakening dollar is supportive, but the bigger trigger is AI-led capex, especially in data centres. This will drive exponential growth in power demand, requiring significant metals across transmission, distribution, wires, cables, and renewable energy.

The demand outlook for metals looks strong for the next few years, while supply is not keeping pace. As a result, realisations and margins are likely to remain strong.

We prefer industrial metals like copper, zinc and aluminium. Among stocks, Vedanta is our top pick given its diversified exposure to copper, zinc, silver and aluminium, ongoing restructuring-led value unlocking, and debt reduction. We have a target price of ₹810 per share.”