In metal stocks, ‘buy, forget, and return after five years’ is not the best strategy to adopt. The sector is cyclical, global, China- and tariff-sensitive, and dependent on where prices are in the cycle. But that is also why these stocks can deliver sharp returns when the cycle turns even slightly. The current set-up is not clean. China is still weak in property, global prices are influenced by tariff and supply concerns, even as domestic metal companies are financially stronger than they were in the previous cycle. That makes metals a tactical opportunity; but only for investors willing to regularly review their positions.