The shares of Hindustan Zinc advanced more than 3% to hit a fresh record high today, to trade at ₹587.80, surpassing its 52-week high just set yesterday. The jump in share price is on the soaring silver futures with March expiry, which jumped more than 4% to hit a fresh lifetime high, while crossing the key ₹2.05 lakh-mark, trading at ₹2,05,934 per kilogram today.

Hindustan Zinc is the largest producer of silver in India, and produces refined silver with a minimum 99.9% purity. The shares have gained 29% in less than a month, whereas on a year-to-date basis, they have risen 31.75%. The stock had hit a 52-week low this year itself in March, at ₹378.15. 

The stock has since rebounded around 55% in nine months to set a new record high in today's trade. However, the stock is still over 59% lower than its all-time high level hit in January 2011 of ₹1,443 per share.

Globally, spot silver also rose to a record high of more than $66 an ounce, crossing the $65 milestone level for the first time.

According to Ponmudi R, CEO of Enrich Money, near-term volatility is expected after such a sharp move, but the broader structure points toward a potential extension toward $68–$70, supported by strong industrial demand and tight supply dynamics. 

"COMEX Silver Futures have resumed their upward momentum after breaking out of a four-day consolidation phase. Prices have moved to fresh lifetime highs near $65.85, confirming trend continuation. Silver is currently stabilising near $64.10, which signals consolidation within strength rather than exhaustion. As long as prices sustain above $63, the broader uptrend remains firmly intact," he said. 

He also added that in the domestic market, MCX Silver continues in a strong bullish continuation phase after sustaining above the ₹2,03,000 breakout level with healthy volumes and constructive price action. 

"Holding above this zone keeps near-term upside targets of ₹2,05,000–₹2,10,000 active. Immediate support is placed near ₹1,95,000, with deeper support around ₹1,86,000. The overall trend remains decisively positive, with corrections likely to attract buying interest rather than signal trend reversal," he said on the technical view.