Hindustan Zinc led the losses, with its shares declining around 5%, while Vedanta and National Aluminium Company (NALCO) fell nearly 4% each. Hindalco dropped 3%, while Tata Steel, Adani Enterprises, Jindal Stainless Steel, JSW Steel, NMDC, Welspun Corp and other metal stocks declined up to 2%.

Why are metal stocks falling today?

The sharp fall in metal stocks comes amid a decline in metal prices, following US Federal Reserve Chair Kevin Warsh’s speech signalling that further interest rate hikes may be needed. On Friday, Warsh said the US central bank would “have work to do” if policymakers do not gain the confidence needed to ensure inflation is heading towards the 2% target.

Markets ⁠currently see a 57% chance of a rate hike at the Fed’s next policy meeting in September, against 36% before Warsh’s comments, according to the CME FedWatch tool.

Aluminium, copper and other metals declined as expectations of higher-for-longer US interest rates outweighed supply concerns that had earlier supported a monthly rise in August.

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The sharp drop in metal stocks may also have been driven by profit booking. Nifty Metal index sharply surged more than 6% in August so far, outperforming major sectoral indices, amid supply concerns.
Also read | Hindustan Zinc vs Hindalco: Why Jefferies raised target prices for both, but prefers one over the other

Jefferies on metal stocks

In its latest note, Jefferies noted that the recent divergence in metal prices has favourable earnings implications for Hindustan Zinc while weighing on Hindalco. Spot zinc prices have risen 15% over their Q1 averages, while silver has recovered 23% from July lows. The international brokerage remains constructive on precious metals, believing that the implications of widening fiscal deficits, elevated debt levels, and ongoing currency debasement remain underappreciated. It raised silver price assumptions to $60-63, still 8-14% below spot, suggesting further potential upside to earnings if spot prices persist.

In comparison, aluminium prices are 10% below their June-quarter average, Jefferies noted. While supply disruptions in the Middle East led to a 4% YoY decline in global production in the first half of 2026, a 2% increase in Chinese output largely offset the decline, keeping global production broadly stable.

Supply availability could improve in the coming months if the disrupted Middle East capacity gradually returns, with Emirates Global Aluminium (EGA) targeting normal production by the first quarter of 2027 and Aluminium Bahrain (ALBA) indicating repairs are largely complete, Jefferies noted, as it raised its FY27-28 aluminium price assumptions to $3,300-3,325, still 3-4% above spot.

Jefferies remains bullish on Hindustan Zinc shares, raising its target price because it believes zinc and silver are shining brighter than aluminium. The international brokerage hiked its target price for Hindustan Zinc shares to Rs 750 apiece, while maintaining its ‘Buy’ call on the stock.

Jefferies also raised its target price for Hindalco Industries to Rs 1,140 apiece, but has a ‘Hold’ call on the stock. The international brokerage prefers Hindustan Zinc shares over those of Hindalco Industries.

Also read |Metal stocks: Time to contradict analyst expectations? 5 metal stocks with upside potential from a low 2% to a high of 17%

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Kevin Durant revealed this week that he and LeBron James recorded roughly three rap songs together during a recording session in Akron, Ohio, more than a decade ago, adding a new layer to a friendship already well documented on the basketball court.

Durant made the revelation during an appearance on the “Boardroom Talks” podcast with host Speedy Morman, released Thursday. When Morman asked whether it was true that Durant and James had a song together, Durant corrected the premise entirely. “We had like three songs, I think,” Durant said. “Me and Rich Paul really were the ones that got it going and convinced Bron to rap.”

According to Durant, the recording sessions took place around 2011, when he traveled to James’ hometown of Akron to work out with him over a period of four to five days. “I went to Akron, like, 2011 to work out with him for, like, four or five days,” Durant said. “And then he had a studio, ’cause Rich Paul — me and Rich Paul really was the ones that got it going and convinced Bron to rap.” Durant explained that his relationship with Paul, James’ longtime agent and the founder of the sports agency Klutch Sports, predated his connection to James, noting that Paul had been courting him as a client around the same period.

Durant described James as initially hesitant to step into the recording booth, but said he ultimately embraced the experience once he found his footing. “Any time somebody does something for the first few times, it’s forced, a little forced,” Durant said. “Once you get that flow, he had to figure it out. He loved rap.”

One of the pair’s collaborations did eventually reach the public. The track “It Ain’t Easy,” recorded during the 2011 NBA lockout while James played for the Miami Heat and Durant led the Oklahoma City Thunder, featured both players rapping about their respective paths from difficult upbringings to NBA stardom. The song remained unreleased for years before producer Franky Wahoo put it out publicly in 2018, though Durant said the version that surfaced used a different beat than the original recording. “They changed the beat, and it just made the song even more wack,” Durant said, according to Heavy.com’s account of the podcast.

Durant said he does not personally have access to the two other tracks he and James recorded and is uncertain whether the original files still exist. “That’s a good question,” Durant said when asked where the songs are now. “They’re in that studio in Akron. Somebody out there, engineer somebody, got them.”

The revelation adds a lighter footnote to a notable year for James, who is entering a new chapter of his NBA career after signing with the Philadelphia 76ers this offseason following his departure from the Los Angeles Lakers. According to The Athletic’s Law Murray, James privately wrestled with a diminished offensive role during his final season in Los Angeles, particularly as the Lakers increasingly relied on guard Austin Reaves in the backcourt. “Covering LeBron James last season, he had an internal conflict going on with how much he had to defer to Austin Reaves,” Murray wrote during a recent Reddit AMA, according to Yahoo Sports. “Even Bron understood that Luka was the top dawg in any circumstance,” Murray added, referring to Luka Doncic, who had established himself as the Lakers’ clear top offensive option.

James is expected to face a different dynamic in Philadelphia, joining a roster already built around center Joel Embiid and guard Tyrese Maxey, a pairing analysts have suggested could offer James a more natural complementary role compared with the tension that reportedly built up during his final Lakers season. Whether that adjustment proves smoother than his last stretch in Los Angeles remains to be seen as James begins his 24th professional season, one that will also mark the first time since his rookie year that he has played for a franchise other than the Cleveland Cavaliers, Miami Heat or Lakers.

For now, Durant’s revelation about the unreleased Akron recording sessions has offered fans a rare, unexpected glimpse into the pair’s decades-long friendship away from the court, one that predates the accolades, championships and rivalries that have defined both players’ careers since their early years in the league.

Huawei has confirmed it will unveil its second-generation tri-fold smartphone, the Mate XT 2, at an event in China on Sept. 7, alongside the debut of its latest software platform, HarmonyOS 7, in what the company is billing as an “All-Scenario New Product Launch Event.”

The Chinese technology giant announced the launch on its official Weibo account, publishing a promotional teaser confirming the date and a 2:30 p.m. local start time, according to Huawei Central. The teaser image itself revealed little about the device’s design, featuring only abstract gradient artwork similar to imagery Huawei has used to promote HarmonyOS 7. Huawei executive Richard Yu has also confirmed the timing publicly and offered an early hands-on preview of the device ahead of its formal debut, according to tech outlet GSMGoTech.

While Huawei has not released official specifications, a video teaser distributed by the company has already confirmed one of the device’s most significant changes: a redesigned folding mechanism. According to GSMArena, the video shows the Mate XT 2 will adopt an inward-folding, U-shaped design, a departure from the exposed Z-shaped folding structure used in both the original Mate XT and its successor, the Mate XTs. Some outlets, including GSMGoTech, have described the new configuration as G-shaped, with both outer sections of the display folding inward over the phone’s central panel so the flexible screen remains fully enclosed and protected when the device is closed, unlike the first-generation model, which left portions of its display exposed even in its folded state.

The redesign notably mirrors an approach Samsung briefly used and then abandoned. According to technology outlet GaGadget, the Mate XT 2’s inward U-shaped fold closely resembles the hinge structure Samsung employed in its Galaxy Z TriFold, a device the South Korean company discontinued after roughly three months on the market. Whether Huawei’s version of the design proves more durable than Samsung’s short-lived attempt remains an open question heading into the September launch.

Beyond the folding mechanism, a range of additional specifications have circulated in pre-launch leaks and reports, though Huawei has not confirmed any of them. Multiple outlets, including Gizmochina and GSMArena, have reported that the Mate XT 2 could be powered by a Kirin 9050 Pro processor built around stronger on-device artificial intelligence capabilities, though some sources have instead pointed to a Kirin 9030S chip. Rumors also point to a battery capacity of roughly 6,000 mAh, an upgraded hinge intended to reduce the visible crease along the display, and a possible switch to ultra-thin flexible glass, or UFG, aimed at improving screen durability. The device’s rear camera system is rumored to closely resemble the setup found on the Mate X7, according to GSMArena, with some reports pointing to a redesigned, horizontally arranged triple-camera layout. Color options have also been rumored to include Mystic Black, Auspicious Red, Crimson Purple and a standard white finish, according to Gizmochina, though Huawei has not confirmed any of those specific choices.

For comparison, Huawei’s first-generation Mate XT, introduced in September 2024, featured a 10.2-inch display when fully unfolded and measured just 3.6 millimeters thick at its slimmest point, figures the company will likely aim to match or improve upon with the redesigned second-generation model despite the added engineering complexity of a triple-hinge folding structure.

Alongside the hardware, Huawei is expected to showcase how its newly introduced HarmonyOS 7 platform, first unveiled by the company in June, functions specifically on a tri-fold form factor. Software running across multiple foldable configurations presents distinct challenges compared with standard smartphones or even conventional single-fold devices, requiring the operating system to manage multiple resizable windows and support seamless transitions between folded and unfolded states across three separate screen layouts.

September’s event will take place exclusively in China, and Huawei has not indicated whether or when a global variant of the Mate XT 2 might follow, though the company’s earlier tri-fold models have historically seen international releases at later dates. The Sept. 7 timing also happens to overlap with the IFA technology trade show in Berlin, though Huawei’s launch event will be held separately and streamed via Weibo rather than staged at the German conference. With official specifications still unconfirmed as of this week, the Sept. 7 event is expected to provide the clearest picture yet of how significantly Huawei has reengineered its flagship foldable lineup for its second generation.