Uptrend in metals market likely to sustain: Vedanta

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Vedanta

KOLKATA: The current strength in the metals market is driven by an under investment in mining and oil and gas and tighter supply conditions last year, and is likely to sustain the uptrend in prices in coming quarters, Vedanta chief executive Tom Albanese said.

“Absence of large capital budgets will lead to supply constraints and is expected to lead to better prices in coming quarters. The recovery in the US and reasonable performance of the Chinese and Indian economies will drive metal demand in near to medium term,” he said.

On Tuesday Vedanta posted a consolidated net of Rs 1,866 crore in the quarter ended December 2016.