Metal Stocks Slide Up to 4% Amid Declining Commodity Prices

Indian metal stocks faced significant selling pressure on February 17, 2026, with the Nifty Metal index dropping around 2% during trading sessions. Leading the declines was Hindustan Copper, which fell over 4% to trade near Rs 551.25 per share, emerging as the top loser on the index. Other notable laggards included National Aluminium Company (NALCO), Steel Authority of India (SAIL), and

inc, each shedding more than 3%, while dustries, Vedanta, and Jindal Stainless dropped over 2.5%. The downturn closely tracked weakness in commodity prices on the Multi Commodity Exchange (MCX). Copper futures (February expiry) declined around 2%, contributing to the pressure on copper-related stocks like Hindustan Copper. Precious metals also retreated, with silver futures (March expiry) falling nearly 2% to Rs 2,35,142 per kilogram, and gold futures (April expiry) slipping about 1% to Rs 1,53,522 per 10 grams. Similar declines were seen in other contract expiries. The primary trigger for the fall in precious metals appears to be easing geopolitical tensions, reducing demand for safe-haven assets. US President Donald Trump indicated indirect involvement in upcoming US-Iran nuclear talks in Geneva, expressing optimism that Tehran seeks a deal. Simultaneously, representatives from Ukraine and Russia are engaged in US-mediated peace negotiations in the same city, further calming global risk sentiment.