Hind Copper, Hindalco, NALCO Rise: The shares of metal companies rallied to fresh record highs on January 6 as copper and aluminium prices surged amid global geopolitical tensions and tightening supply
conditions. The sharp upmove lifted the Nifty Metal index over 1 per cent to a new 52-week high of 11,652.70 during morning trade on Tuesday.
Copper prices hit a record high of $13,253.50 per tonne on the London Metal Exchange, driven by fears of supply shortages and expectations that the turmoil in Venezuela could intensify the global scramble for critical minerals.
“Metals, copper included, are rallying on the theme of critical minerals and security of supply chains in the new world order, which comes into sharper focus following the latest events in Venezuela,” Reuters quoted Duncan Hobbs, Research Director at Concord Resources, as saying.
Axis Securities said that December’s US Federal Reserve rate cut, persistent supply-side tightness and the possibility of further sector-specific tariffs continue to support optimism around metal prices.
Aluminium prices also moved higher, aided by a tightening supply outlook and expectations of sustained long-term demand growth.
Among individual stocks, Hindustan Copper climbed around 4 percent to a fresh 52-week high of Rs 574.60. The stock has gained over 8 percent in the past five days, more than 55 percent in the past month, and has surged over 106 percent in the last six months.
Hindalco Industries rose over 4 percent to a new 52-week high of Rs 970.80. The stock has advanced nearly 17 percent in the past month and over 38 percent in the past six months, after rallying 67 percent over the past year.
National Aluminium Company (NALCO) jumped about 6 percent to a fresh 52-week high of Rs 350.35. The stock has gained nearly 11 percent in the past five days, over 30 percent in the past month, and has surged 85 percent in the past six months.
