Global Copper prices are now near the $13,000 mark 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 $12,919.50 a ton by 11:38 AM Shanghai time. On Comex in New York, futures were up 1.2% to $5.908 a pound after a 5% surge on Friday while the LME was off.
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 8.5% higher on Monday at ₹516.3. The stock is trading at levels last seen in March 2010.
