Hindustan Copper shares set for best month since December 2023 after fifth straight day of gains

Shares of Hindustan Copper Ltd. are up another 6% on Thursday, September 25, extending their gains for the fifth straight session.

The stock has risen 17% in the last five trading sessions.

Copper prices global currently remain near the highest level in more than a year, after Freeport-McMoRan Inc. declared a force majeure on contracted supplies from its giant mine in Indonesia.

Force majeure is a French term, which means an event with a superior force that cannot be anticipated or controlled, resulting in circumstances that prevent an enterprise from fulfilling their commitments.

Hindustan Copper's shares have had a good month of September. The stock has declined only four times in the last four weeks.

Thursday's session has seen the stock trade on very high volumes, with over 2 crore shares changing hands, compared to the 20-day average of 30 lakh shares.

At the end of the June quarter, the government held 66% stake in Hindustan Copper.

India's Mutual Funds had a 2.74% stake in the company, while another state-run entity, Life Insurance Corporation of India (LIC), India's largest insurance company, had a 4.67% stake.

Over 6.4 lakh small retail shareholders, or those with an authorised share capital of up to ₹2 lakh, had a 15.1% stake in Hindustan Copper.

Shares of Hindustan Copper are trading 5.4% higher on Thursday at ₹325.25. The stock has risen 43% so far in the month of September, which is turning out to be the best month for the stock since December 2023.