Hindustan Zinc, Hindustan Copper shares fall up to 5% on sharp decline in metal prices in previous session; silver drops around 11%

Among individual names, Hindustan Zinc (HZL) shares slipped as much as 5.1% on the NSE, while Hindustan Copper shares declined nearly 4%.

In the international market, spot gold declined more than 3% in the previous session to a near one-week low below the key $5,000 level. Spot silver saw around an 11% drop on Wednesday amid a stronger dollar.

A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.

Besides, strong US jobs data also weighed on the investor sentiment. Strong employment figures suggest that the Fed rate cut is not on the cards anytime soon.

Robust employment figures suggest the Federal Reserve may keep interest rates higher for longer. When rate cuts are delayed, yields on bonds and other interest-bearing assets remain attractive, reducing the appeal of non-yielding assets like gold and silver.

According to Mining.com, copper for March delivery fell over 3% in New York to $5.78 a pound, or $12,740 a tonne, on Thursday and is now trading 12% below highs hit just over two weeks ago.

Uncertainty on copper markets was heightened after satellite data showed January smelter activity was the lowest on record since tracking began nearly a decade ago, the report added.

Metal stocks in India

Metal stocks have posted a strong rally over the past six months, though the uptrend was punctuated by intermittent bouts of volatility.

Data show that the NIFTY METAL index has rallied over 31% in the past six months (as of February 12 closing).

How companies fared in Q3 FY26

Hindustan Zinc (HZL)

Vedanta group firm Hindustan Zinc Ltd (HZL) reported a 46.2% rise in consolidated net profit to ₹3,916 crore for the quarter ended December 31, 2025, on the back of higher commodity prices, increased production, and a stronger dollar.

The company had reported a consolidated net profit of ₹2,678 crore in the year-ago period.

Consolidated income of HZL during the October-December quarter rose to ₹11,273 crore from ₹8,832 crore a year earlier, the company said in a filing to BSE.

The total expenses in the October-December quarter rose to Rs 6,068 crore over Rs 5,305 crore in the year-ago period.

"The quarter marked a record performance, reflecting operational excellence and strong fundamentals, with the company achieving its highest-ever third-quarter metal production and 5-year lowest quarterly zinc cost of production of $940 per tonne," Hindustan Zinc Chief Executive Officer Arun Misra said.

As of December 31, 2025, the company had gross investments and cash and cash equivalents of ₹9,342 crore invested in high-quality debt instruments. Total borrowings outstanding as of December 31, 2025, were ₹9,013 crore.

Hindustan Copper

Hindustan Copper, the Miniratna Category-I CPSE under the Ministry of Mines, on Thursday, February 5, reported a 148.49% rise in its consolidated net profit at ₹156 crore for the quarter ended December 31, 2025 (Q3 FY26).

The company, which is India's only vertically integrated copper producer, had reported a PAT of ₹62.87 crore in the year-ago period.

Its revenue from operations came in at ₹687.34 crore, up 109.7% against ₹327.77 crore logged in the December quarter of FY25.

Total income stood at ₹705.31 crore, up 105.28% against ₹343.57 crore seen in the corresponding quarter of the previous fiscal year.