Hindustan Copper shares fall 12% from highs as prices in global markets cool-off

Shares of Hindustan Copper Ltd. fell as much as 12% from the highs of the day on Monday, December 29, after prices in the global markets cooled off from the early morning peaks on the London Metal Exchange. Till the stock remains in the green, it will be the seventh straight day of gains for the PSU.

Global Copper prices came off after testing levels of $13,000 on the London Metals Exchange as trading resumed after the Christmas holiday. Copper prices also rose 7% in early trade.

There is a fear that US will impose import tariffs on Copper soon, sparking a possible rush of the metal to the US. This, along with unplanned mine outages are driving prices higher.

LME copper traded on the LME at $12,204.50 a ton by 3:38 PM Shanghai time.

At the day's high, shares of Hindustan Copper had gained 48% during this seven-day gaining streak, with its market capitalization nearing the mark of ₹50,000 crore.

At the end of the September quarter, the government had a 66.14% stake in the company.

Over 6.3 lakh retail shareholders, or those with authorized share capital of up to ₹2 lakh, had a 14.5% stake in the company, while mutual funds had a negligible stake.

Life Insurance Corporation of India (LIC) owns over 4% of Hindustan Copper, and that stake, is now valued at over ₹2,000 crore.

Shares of Hindustan Copper had surged 22% in the last week, marking their best weekly performance since February 2021, when the stock had risen 73%. Over 5 crore shares of the company have already changed hands within the first hour of the trading session on Monday, compared to their 20-day average of 50 lakh.

Shares of Hindustan Copper are now trading 4.2% higher on Monday at 495.79. The stock is trading at levels last seen in March 2010.