Hindustan Copper shares surged by up to 9 per cent on Tuesday, marking its largest single-day increase since December 2023. Additionally, the stock is no longer under the F&O ban for today’s trading session, allowing for new positions to be initiated in the stock.
The stock experienced a significant surge following the rise in global Copper prices, which reached a 15-month high due to supply constraints and an upturn in global manufacturing.
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Copper prices have climbed nearly 10 per cent this year, spurred by disruptions at key mines that pose a threat to refined metal output at Chinese facilities, which constitute over half of the world’s supply, as per a report by Bloomberg.
Significant disturbances across copper mines globally have triggered supply limitations, compelling smelters to offer historically elevated prices for copper ore. Furthermore, Chinese copper producers are contemplating reducing output in reaction to these disruptions, intensifying the upward surge in prices.
Hindustan Copper is currently the only publicly traded pure-play stock linked directly to copper prices in India.
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The government holds a 66% stake in this PSU, while LIC possesses an 8.17 per cent stake. Quant Smallcap Fund and SBI PSU Fund hold stakes of 1.76 per cent and 1.23 per cent, respectively.
Currently, shares of Hindustan Copper are trading at ₹364.45, reflecting a 10 per cent increase. The stock has surged by 35 per cent in 2024 and has seen a remarkable 262 per cent rise over the last 12 months.
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Published: 09 Apr 2024, 04:38 PM IST