Hindustan Copper shares jump 4% as copper prices surge to all-time high. What’s driving the red metal’s red hot rally?

Shares of Hindustan Copper jumped more than 4% on Tuesday after copper prices soared to fresh all-time high amid shortage worries and a softer US dollar.

Hindustan Copper shares jumped to Rs 531 apiece on NSE on Tuesday despite an overall weak market sentiment. This comes as benchmark copper contracts on the London Metal Exchange touched a record high of $14,533 a ‌metric ton, surpassing ⁠its previous all-time ⁠peak of $14,527.50 hit in January.

Also Read | Copper prices scale fresh record high as focus turns to tight supplies outside US


In the domestic market, Copper futures on the Multi Commodity Exchange of India (MCX) neared lifetime highs, rising around 1%. The rise in copper prices were driven by strong buying, which was mainly from Commodity Trade Advisor (CTA) investment funds, largely driven by computer programs, Reuters quoted Alastair Munro, senior base metals strategist at broker Marex.

Traders and producers meanwhile have been shipping large amounts of copper to the US since President Donald ⁠Trump hinted at ‌import tariffs in February last year. Comex copper stocks stand at a record 766,795 short tons or 695,624 metric tons, according to the report.

After Trump’s copper tariff threat, prices went up as traders tried to store copper in US ahead of the introduction of tariffs. However, Trump went ahead with imposing tariffs on copper products but not on refined metal. In July, Trump issued a proclamation that called for a follow-up Commerce Secretary report before deciding whether to impose a phased tariff on refined copper imports starting at 15% in January 2027. The market may still be pricing in the possibility of introduction of tariffs on copper imports.

State-owned Hindustan Copper is the country's only integrated copper producer with captive mines. The sharp rise in the stock comes amid the soaring copper prices.

Also read | The New Oil? Why the world is chasing copper

Hindustan Copper share price

Hindustan Copper shares have delivered multibagger returns over the past one year, jumping more than 115% as Trump’s tariff threats continued to push the red metal’s prices higher. The stock has overall gained only 1% in 2026 so far, although it has fallen 1% in a month and recorded only marginal gains in one week.

In the longer term, the shares of the state-owned company rallied 217% in three years and 352% in five years. The company has a market capitalisation of Rs 51,233 crore.

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