Hindustan Copper hits 52-week high on surge in metal price to nearly $10,000 a ton
Upstox
2 min read • Updated: April 22, 2024, 4:55 PM
Summary
Hindustan Copper shares have seen a rally amid copper prices nearing the $10,000 per tonne level. Copper prices on London Metal Exchange traded at $9,900 per tonne for May delivery. The June contract traded higher at $9,939 per tonne.
Hindustan Copper Ltd shares rallied to a year’s high on Monday, April 22, as metal prices in the global markets reached near $10,000 per tonne level.
The state-run copper producer gained as much as 8.21% to hit a 52-week high of ₹394 per share on the NSE in morning deals. More than 3.44 crore equity shares changed hands on NSE amid increased buying interest from investors.
Hindustan Copper shares have given multifold returns in the past year as the stock skyrocketed around 281%. In 2024 so far Hind Copper has risen over 39%.
Rising global prices fuelling rally in Hind Copper
Hind Copper shares have seen a rally amid copper prices nearing the $10,000 per tonne level.
Copper prices on London Metal Exchange traded at $9,900 per tonne for May delivery. The June contract traded higher at $9,939 per tonne.
Similarly, copper prices gained 1% to hit a high of $9,970 per tonne in early deals in Shanghai on Monday. Copper later traded $9,950 per tonne.
Copper prices increased 1% in early deals on April 22
Copper prices have gained as macro data suggested an uptick in manufacturing activity in the US and China amid stubborn inflation, which has renewed wager on commodities. Strong demand in China amid fears of short supply and macroeconomic uncertainties have also fuelled copper prices.
Optimism over future demand from green energy projects and transition to clean energy projects have also boosted copper prices.
Hind Copper production at 5-year high in 2023-24
Hindustan Copper Ltd achieved metal in concentrate production of 27,404 tonnes in 2023-24, marking the highest level in the last five years and 11% higher than last year.
The state run company has ore production of 3.78 million tonnes in 2023-24 which was the highest in the last four years and 13% higher than last year.
Malanjkhand Copper Project at Madhya Pradesh reported 18% growth in ore production and 9.4% higher MIC production compared to last year.
The KCC Unit at Rajasthan posted an 11% growth in ore production and 17.3% higher MIC production with respect to last year. The TCP Unit at Maharashtra has achieved 27,833 tonnes of Continuous Cast Copper Rod production (third party totalling), around 71,725 tonnes higher than last year.
Shares of Hindustan Copper Ltd closed 4.1% higher at ₹379.6 apiece on the NSE.