MUMBAI, May 4 -- Aluminium stocks are rallying while cement names are sliding as geopolitical tensions flare, underscoring a widening gap between globally linked metals and domestically driven materials.

Analysts say this divergence, driven by energy costs and supply disruptions, tends to widen during periods of geopolitical stress-as seen in current market moves-and could reverse if tensions ease, making it a useful, if imperfect, signal for sector rotation.

Data across recent flashpoints shows the pattern clearly. During the Russia-Ukraine war in 2022, cement spreads compressed to their lowest levels since 2016 at Rs.2,651 per tonne, even as aluminium spreads surged to $1,294 per tonne towards the end of the year on supply fears, acco...