Shares of Hindustan Copper surged 10.14% on Friday, reaching a 15-year peak of ₹480.85 on the national stock exchange (NSE). This milestone represents the stock's highest level since November 2010, driven by a historic bull run in international copper prices. Ahead of the holiday season, LME copper breached the psychological $12,000/mt mark, while SHFE copper climbed above 97,000 yuan/mt, stressing a robust global market sentiment.

Hindustan Copper emerged as the top gainer on the Nifty metal index, which rose nearly 0.50%, outperforming peers like National Aluminium, Hindustan Zinc, and NMDC.

Global and macro triggers

• Copper as the ‘new oil’: A deepening supply-demand mismatch is at the heart of the rally. Structural failures at major mines in Chile and Indonesia earlier this year created a critical global supply gap that remains unbridged.

Domestic strength and operational revival

On the domestic front, the revival of the Rakha Mine in Jharkhand—a cornerstone of the Indian Copper Complex—is set to be a game-changer. This initiative aligns with the company’s ambitious roadmap to double its production capacity to 12.2 million tonnes per annum in the coming years.

Financial analysts have taken note of this momentum. While Anand Rathi had previously set a target of ₹450 in November 2025, the stock has already eclipsed that mark. Fresh brokerage reports suggest that the public sector undertaking (PSU) still possesses significant upward momentum.

As the government prioritises capital expenditure in transmission and renewable energy, Hindustan Copper's role in securing the domestic supply chain for critical minerals becomes indispensable. While high valuations remain a point of observation for investors, the structural demand from AI and energy transition infrastructure suggests that the "red metal" rally is far from over.