Hindustan Copper shares closed at ₹487.85 on Monday, up 2.58 per cent, after hitting an intraday high of ₹545.95, a new 52-week peak, as profit-booking erased most of the day’s sharp gains. The stock opened with a gap-up of 14.6 per cent and surged as much as 14.79 per cent, before trimming gains by the close.
The rally marked the stock’s seventh consecutive session of gains, taking its total advance to over 36 per cent during this period. The company’s market capitalisation briefly touched ₹50,000 crore, before settling at ₹47,176.27 crore by the day’s end.
Monday’s intraday surge was the sharpest single-day rise for Hindustan Copper since April 2010, driven by copper prices hitting record levels on the London Metal Exchange. Copper futures on the Multi Commodity Exchange of India also scaled fresh all-time highs, supported by tight supplies, mine disruptions, and tariff-related concerns.
The rally in base metals has been fuelled by supportive US economic data, expectations of interest rate cuts by the Federal Reserve, and a weaker dollar. The US Dollar Index slipped below 98 after failing to sustain above 100, making dollar-denominated commodities more attractive for global buyers. Comex Copper extended its winning streak for the second straight week, rallying over 6 per cent to trade near its 52-week high of $5.9.
The stock saw heavy trading activity, with a volume of 1,954.43 lakh shares and a traded value of ₹9,866.56 crore. However, the deliverable quantity stood at just 18.63 per cent of the total traded volume, indicating significant intraday speculation.
The Nifty Metal index also hit a fresh 52-week high, gaining around 5 per cent over eight sessions. Aluminium has broken out from a three-year base, signalling a structural uptrend in base metals.