Hindustan Copper stock price up by more than 3% today

22 Apr 2024 , 02:58 PM

Hindustan Copper shares surged over 3% today to hit a  near 52-week high of ₹392 on the National Stock Exchange (NSE). This happened because of rise in copper prices.

Hindustan Copper shares were trading 4.04% higher at ₹379.80 on NSE at the time of writing, with a year-to-date rally of over 40%, outperforming the benchmark Nifty.

The price of copper approached $10,000 a ton, driven by expectations of a recovering global economy and increased demand for industrial materials.

Recent increases in metal prices have been fueled by positive manufacturing activity signs in the US and China, the world’s largest economies, and persistent inflation concerns, attracting renewed interest in commodities.

Copper prices rose by 1% on April 22 to $9,970 a ton before settling at $9,950 in Shanghai, with projections of further increases.

Factors such as raw material shortages and optimism surrounding demand from the transition to green energy also contributed to the bolstering of copper prices.

Antaike, a Chinese state-backed research firm, predicts further rises in copper, gold, and other metals driven by strong demand in China and global macroeconomic uncertainties.

Metals with solid fundamentals and ample liquidity are increasingly appealing to international financial investors amid reduced expectations of US interest rate cuts and geopolitical tensions.

Hindustan Copper shares were trading 4.04% higher at ₹379.80 on NSE at the time of writing, with a year-to-date rally of over 40%, outperforming the benchmark Nifty.

Hindustan Copper Ltd. is a central public sector undertaking under the Ministry of Mines, Government of India, engaged in various copper-related activities such as mining, beneficiation, smelting, refining, and continuous cast rod manufacturing.

For feedback and suggestions, write to us at [e-mail]