Shares of metal companies such as Vedanta, NALCO, Hindustan Zinc and others dropped up to 3% despite the overall uptrend in the market on Thursday, as metal prices tumbled due to a stronger dollar and rising expectations of the reopening of the Strait of Hormuz.

National Aluminium Company (NALCO), Vedanta and Hindustan Zinc shares fell nearly 3% each, while Hindustan Copper declined around 2%. Hindalco Industries and APL Apollo Tubes shares dropped over 1% each, while NMDC, Jindal Steel and Jindal Stainless Steel shares slipped around 1% each.

Silver prices plunged as much as 14% this week, extending losses for a third straight session on Thursday, a day after tumbling to a seven-month low. Silver is now trading at less than half of its all-time high of $121 an ounce touched in January. Aluminium prices also extended losses after falling to a three-month low on Wednesday, as a stronger US dollar and continued unwinding of the Middle East risk premium outweighed signs of disagreement between the US and Iran over key terms of a deal to end their war. Copper and zinc prices also dropped sharply to multi-month lows.

Also read: Why silver prices have crashed 14% this week to hit a 7-month low

The sharp drop in metal prices also comes amid increasing expectations of a hawkish Federal Reserve, prompting traders to raise bets on an interest rate hike later this year. The US Federal Reserve last week held interest rates unchanged, but a higher number of policymakers expected a rate hike in borrowing costs later this year amid concerns about inflation remaining above the US central bank’s 2% target. In what was the first Fed FOMC meeting under Chairman Kevin Warsh’s tenure, the central bank acknowledged that inflation was “elevated relative to the Committee’s 2% goal”, partly due to “supply shocks that have driven price increases in certain sectors, including energy.”

What lies ahead?

“Metal stocks had become technically stretched, so a short-term pullback was expected,” said Netra Deshpande, Research Analyst at Mirae Asset Sharekhan. Metal stocks saw sharp gains since the West Asia conflict broke out, as supply disruptions and resilient demand drove up prices on the London Metal Exchange (LME). The rally eased following peace talks between the US and Iran around mid-June.
“Easing geopolitical tensions and subsequent unwinding of risk premiums led to a fall in aluminium, steel, copper and zinc prices, which have weighed on sentiment,” said Anita Gandhi, Head of Institutional Broking at Arihant Capital. “A firm dollar index is likely to continue exerting downward pressure on metal prices, and its trajectory will be key to determining how metal stocks perform going forward,” she added.
Also read: Metal companies’ hot run comes to an end as West Asia cools off
(With inputs from agencies)

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

Its latest project is a 40 home scheme in Aberbargoed.

Housebuilder Llanmoor Homes has begun work on a new residential scheme in Aberbargoed.

Construction of the 40 home development on the south of Bedwellty Road has commenced earlier than anticipated, following the success of its nearby St Sannans Field development.

The new development, which has not yet been named, will be built on grassland below Y Ffordd Wen. It will provide a mix of two-, three- and four-bedroom homes, .

Infrastructure works began on the site this month, including the installation of site offices and storage facilities. Family business Llanmoor Homes, based in Pontyclun, expects to begin construction of the first homes in late autumn, when prices and further details of the development will also be released.

Tim Grey, sales director at Llanmoor Homes, said: “The response to our nearby St Sannans Field development has been outstanding, with homes selling at a pace that exceeded our expectations. As a result, we have been able to bring forward plans for this neighbouring site much sooner than originally anticipated.

“The local housing market has remained incredibly resilient despite recent economic challenges, and we have seen unprecedented demand from a wide range of buyers. This includes first-time buyers looking to take their first step onto the property ladder, growing families seeking additional space and existing homeowners wanting to move to homes that better suit their changing needs.

“We know there is a strong appetite for high-quality new homes in Aberbargoed and the surrounding area, and this development will help provide more choice for local people. By offering a range of house types and sizes, we hope to create a development that appeals to buyers at different stages of life while supporting the continued growth of the community.

“It is always exciting to see work begin on a new development, and we look forward to sharing more details over the coming months as the site progresses.”

The development will also include dedicated parking areas, landscaped green spaces and play provision.

There will be no affordable housing provision on the development, as Llanmoor Homes has already met the affordable housing requirements set by Caerphilly Council on its nearby St Sannans Field development.

Llanmoor was founded by former chartered accountant Brian Grey in 1966, and soon completed its first development, a small group of bungalows, in the village of Brynna, near Pencoed. Brian’s sons Simon, Matthew and Tim continue to run the business

Over the last 60 years it has sold more than 5,000 homes.

As the NBA offseason heats up, a proposed trade sending LeBron James back to the Cleveland Cavaliers in exchange for center Jarrett Allen has sparked discussions about potential roster reshaping for both franchises.

The scenario, discussed by ESPN’s Brian Windhorst, would involve James signing with Cleveland and being traded to the Lakers for Allen. While highly speculative, it highlights the strategic calculations teams make when balancing star power, salary cap constraints and long-term contention windows.

James, who will turn 42 before the 2026-27 season, holds a player option for next year. His future remains a central topic as the Lakers build around Luka Doncic as the franchise’s new cornerstone.

Cleveland, which drafted James in 2003, has expressed interest in bringing him back for a potential final chapter. The Cavaliers have built a competitive core around Donovan Mitchell but lack a clear path to championship contention without additional star talent.

Allen, a reliable starting center with double-double potential and strong rim protection, would address a key need for the Lakers. His youth and contract make him an attractive target for Los Angeles as they seek frontcourt stability alongside Doncic.

Trade Mechanics and Cap Implications

The deal would require James to opt out and sign with Cleveland before being traded. This sign-and-trade structure allows the Cavaliers to create salary cap space by moving Allen’s contract.

Allen’s deal is valued at approximately $90 million, providing substantial relief for Cleveland while giving Los Angeles a proven big man. The Lakers have prioritized finding a quality center to complement their backcourt.

Windhorst noted the Lakers’ strong interest in Allen. “If your pathway to paying LeBron the money is to trade Jarrett Allen for him, the Lakers would kill for Jarrett Allen,” he said. “They would do that deal in 17-tenths of a second.”

Cleveland would gain James’ experience and leadership alongside Mitchell and potentially James Harden, who is expected to re-sign with the Cavaliers. The trio would create significant offensive firepower, though ball distribution and defensive fit would require careful management.

James’ Legacy and Future

James’ potential return to Cleveland would represent a storybook ending to his legendary career. The four-time MVP began his professional journey with the Cavaliers and delivered their first championship in 2016.

A homecoming would allow James to finish his career where it started, potentially mentoring younger players while chasing another title. His basketball IQ and leadership would benefit a Cavaliers team seeking playoff success.

For the Lakers, parting ways with James would mark the end of an era that included multiple championships and record-breaking achievements. The franchise has already shifted focus toward Doncic as its primary star.

James has not publicly commented on the speculation. His decision will ultimately depend on competitive opportunities, family considerations and personal goals for the final stages of his career.

Lakers’ Strategic Direction

Los Angeles has prioritized building a sustainable contender around Doncic. Acquiring a young, productive center like Allen would address a long-standing need for frontcourt size and defense.

The Lakers’ recent extension with Austin Reaves and management of other free agents demonstrate commitment to roster continuity. Adding Allen would provide defensive anchor and lob threat potential for Doncic.

Cleveland’s perspective centers on creating a championship window. Pairing James with Mitchell and Harden would create one of the league’s most talented offensive groups, though defensive concerns and chemistry questions remain.

The Cavaliers’ front office must evaluate whether the move aligns with long-term vision or represents a short-term gamble. Salary cap implications and future flexibility will factor heavily into any decision.

NBA Trade Landscape

The proposed deal exemplifies the complex calculations teams make during the offseason. Sign-and-trade transactions allow star movement while providing cap relief for sending teams.

James’ unique status as both a veteran leader and still-productive player creates unique opportunities. His basketball intelligence and experience remain valuable assets for contending teams.

The NBA’s salary cap and luxury tax rules heavily influence trade structures. Teams must balance immediate contention with long-term roster building under current collective bargaining agreement constraints.

Roster fit, chemistry and coaching schemes play crucial roles in evaluating potential trades. Both Los Angeles and Cleveland would need to assess how James or Allen integrate with existing cores.

Potential Outcomes

James returning to Cleveland for a final run would generate enormous excitement in Ohio. The narrative of completing his career where it began would captivate fans and media alike.

For the Lakers, acquiring Allen would provide defensive stability and allow Doncic to operate with a reliable interior partner. The move would signal a new chapter focused on sustainable contention.

Both scenarios involve risk. James’ age and injury history require careful management, while Allen’s fit in Los Angeles would need time to develop.

The hypothetical trade highlights the fluid nature of NBA roster construction. Teams constantly evaluate talent, contracts and opportunities to improve competitiveness.

As free agency and trade discussions continue, James’ decision will influence multiple franchises. His choice will shape not only his legacy but the competitive balance in both conferences.

The Lakers and Cavaliers both face important strategic crossroads. How they approach James’ situation could define their trajectories for years to come.

This is an edition of the Markets P.M. newsletter, a recap of the day’s most important markets moves, delivered after the closing bell. If you’re not subscribed, sign up here.

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What Happened in Markets Today

Tech stocks fell hard, driven by AI and chip companies. The rout began overnight in Asian markets, notably South Korea where Samsung and SK Hynix each fell 12%. While this year has seen a ferocious bull market in AI-themed stocks, concerns continue to grow about the costs of building data centers and the uncertain future revenue prospects. Sandisk dropped almost 14%. Other large decliners included Micron Technology, Arm Holdings and Marvell. The Nasdaq finished 2.2% lower, the S&P 500 fell 1.4%, and the Dow industrials lost 0.1%.

Oracle cut about 21,000 jobs during its last fiscal year. The company made the disclosure in its latest annual report, filed late Monday. The cuts are part of a wider trend among tech giants as they spend hundreds of billions of dollars building out AI infrastructure. Oracle said its head count shrank by about 13% during the previous fiscal year.

Shares of Tata Chemicals jumped as much as 4% to Rs 770 on Thursday after the Reserve Bank of India (RBI) unveiled new regulations that appear to leave little room for Tata Sons, the unlisted holding company of the country’s largest conglomerate, to avoid a stock market listing.

Shares of Tata Chemicals, Tata Investment Corporation and other group companies may benefit if Tata Sons gets listed. Tata Chemicals owns a 3% stake in Tata Sons, the value of this stake could be around Rs 20,000 crore, equivalent to the stock’s current market value. Any step toward a Tata Sons listing would be a transformative unlock for Tata Chemicals shareholders.

On Wednesday, the RBI finalised new rules for identifying systemically important non-banking financial companies, or upper-layer NBFCs, with assets exceeding Rs 1 lakh crore, which are required by law to list their shares publicly. In doing so, the RBI rejected industry feedback that had sought to raise the threshold to Rs 2.5 lakh crore and simplified the earlier multi-parameter methodology into a cleaner, asset-size-based test. The regulator also reiterated that entities falling under this category would be “specifically identified annually.”

Also Read |RBI finalises NBFC-UL norm that may see Tata Sons list

Tata Sons, with estimated standalone assets of over Rs 1.75 lakh crore, comfortably clears that bar. The salt-to-semiconductors giant was originally mandated to list by a September 2025 deadline but has since applied to the RBI to surrender its NBFC licence—a move that, if approved, would render the listing obligation moot. As of now, the application remains unresolved. When the RBI last published its list of upper-layer NBFCs in January last year, it noted that Tata Sons’ de-registration request was “under consideration.”

The debate over a listing has also exposed fault lines within the Tata Trusts, the majority owner of Tata Sons. The Trusts passed a resolution opposing a listing—a position firmly backed by Trusts chairman Noel Tata. However, two of its vice chairmen, Venu Srinivasan and Vijay Singh, have publicly broken ranks, stating that a listing would be a positive outcome. Their remarks have become a source of open discord among the trustees.

The shares of gold financiers dropped up to 3% after gold prices plunged as the dollar headed towards its sharpest monthly gain in almost a year on rising expectations of Federal Reserve interest rate hikes this year.

Manappuram Finance shares tumbled nearly 3% to trade at Rs 309.35 apiece on NSE, while those of Muthoot Finance and IIFL Finance fell over 2% each.

The dollar index, which tracks the US currency against a basket of six major peers, climbed to a more than one-year high on Wednesday and traded around 101.5 on Thursday. The move reflects growing expectations of a hawkish US Federal Reserve, with traders increasing bets on an interest rate hike later this year.

The US Federal Reserve kept interest rates unchanged at its latest policy meeting, but a larger number of policymakers signalled the possibility of higher borrowing costs later in the year amid concerns over inflation remaining above the central bank’s 2% target. In the first FOMC meeting under Chairman Kevin Warsh, the Fed noted that inflation remained elevated relative to its goal, partly due to supply shocks that have pushed up prices in sectors including energy.

According to the CME FedWatch Tool, traders are now expecting three rate hikes this year and see roughly a 67% probability of a hike in September. While gold is traditionally seen as an inflation hedge, it loses its appeal as a non-yielding asset in a high-interest-rate environment.

Gold prices fall

Gold futures in MCX extended their decline. Gold futures for August 2026 delivery have declined by Rs 5,863 in two days to Rs 1,40,666 per 10 grams. In the international market, spot gold slipped 0.4% to $3,985.89 per ounce by 0043 GMT, after falling to its lowest level since November 2025 on Wednesday.

US gold futures for August delivery were down 0.2% at $4,001.60. Bullion dropped below the key $4,000-an-ounce mark on Wednesday for the first time since November 2025.
Also read: Gold prices fall Rs 6,000/10 gram in two days; silver tanks Rs 15,500/kg on rate hike fears. Time to sell precious metals?

Why are gold financier stocks falling today?

Manappuram Finance, Muthoot Finance and IIFL Finance provide loans with gold as collateral. Falling gold prices will reduce the value of the pledged collateral. Since gold loans are sanctioned based on the per-gram valuation of gold, lower prices will require borrowers to pledge additional jewellery to access the same loan amount.

What lies ahead?

“As investors face losses in equities, many are selling liquid assets such as gold to raise cash, meet margin requirements, and reduce leverage. At the same time, money is flowing into the US dollar, with the stronger dollar adding further pressure on bullion prices. This is one of those rare periods where both equities and gold are declining together as investors sell what they can rather than what they want,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are likely to remain volatile this week amid fluctuations in crude oil prices and the dollar index, as well as ahead of the release of US GDP and Core PCE price index data.

According to Jain, gold has support at $3,980-$3,920 per troy ounce and resistance at $4,040-$4,085, while silver has support at $55.50-$53.80 and resistance at $60.00-$61.40 per troy ounce in the current session.

Also read: Vedanta, NALCO, Hindustan Zinc shares fall up to 3% as silver, aluminium, other metal prices tumble. Here’s why

(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)