Hind Copper, Hindalco, NALCO shares jump up to 6% to fresh record highs on soaring metal prices
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Shares of metal companies surged to fresh record highs on Tuesday, tracking a sharp rally in copper and aluminium prices amid rising global geopolitical tensions and supply constraints.
The strong gains lifted the Nifty Metal index more than 1% to a new 52-week high of 11,652.70 in early trade.
Copper prices hit record high
Copper prices jumped to a record $13,253.50 a tonne on the London Metal Exchange (LME), driven by concerns over supply shortages and expectations that unrest in Venezuela could intensify the global race to secure critical minerals.
“Metals, copper included, are rallying on the themes of critical minerals and supply-chain security in the new world order, which have come into sharper focus following recent events in Venezuela,” Reuters quoted Duncan Hobbs, research director at Concord Resources, as saying.
Aluminium price rises on tightening supply outlook
Aluminium prices also advanced, supported by a tightening supply outlook and expectations of sustained long-term demand growth.
Hindustan Copper shares climbed about 4% to a fresh 52-week high of ₹574.60. The stock has gained over 8% in the past five days, more than 55% in the past month, and over 106% in the last six months.
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Hindalco Industries rose more than 4% to a new 52-week high of ₹970.80. The stock has advanced nearly 17% in the past month, over 38% in six months, and about 67% over the past year.
National Aluminium Company (NALCO) shares jumped around 6% to a fresh 52-week high of ₹350.35. The stock has gained nearly 11% in the past five days, over 30% in the past month, and about 85% in the last six months.
Over the past month, the Nifty Metal index has significantly outperformed the broader market, jumping 15% compared with a 0.73% rise in the benchmark index. During this period, Hindustan Zinc shares have surged 32%, followed by NALCO (30%), Vedanta (22%), Hindalco (17%) and Steel Authority of India (15%).
According to reports, aluminium prices on the LME have climbed to a more than three-year high of $3,000 a tonne, while LME copper prices have advanced to multi-year highs of around $13,000 a tonne. Silver prices have also risen over 4% to $76 an ounce.
At 2.22 PM on Tuesday, shares of Hindustan Copper were up 2% at ₹564.00 on the BSE. Shares of Hindalco Industries were trading at 1.1% higher at ₹941.70 while shares of National Aluminium Company Ltd were up 3.9% at ₹343.90 on the BSE.