Benchmark three-month copper on the London Metal Exchange (LME) rose 0.53% to $14,111.50 a tonne, while the most-traded copper contract on the Shanghai Futures Exchange gained 0.36% to 107,570 yuan a tonne. Despite Friday’s gains, LME copper remained down around 0.30% for the week.
Copper supply tightness shows signs of easing
The global copper market, however, is showing some signs of easing supply tightness. Copper inventories in LME-monitored warehouses rose to 239,925 tonnes on Thursday, up more than 17% from 204,975 tonnes on August 14.
More than 38,000 tonnes of copper entered the LME warehouse system during the first three days of the week, following 42 consecutive sessions of inventory declines through last Friday.
The premium for cash copper over three-month delivery, which surged to $545 a tonne earlier this week, its widest since late 2021, had narrowed to around $76 in the current session.
For Indian copper producers, the global price trend remains an important near-term trigger, particularly as copper continues to trade at elevated levels despite the recent moderation in prices.
Also Read:Jefferies favours two-wheeler stocks over four-wheeler stocks as earnings gap widens
What technical analysts say
Hindustan Copper has also attracted buying interest from a technical perspective. The stock has broken out above the Rs 550 resistance zone, accompanied by positive price action and rising volumes.
The stock is trading above its major exponential moving averages (EMAs), while the relative strength index (RSI) remains above 60, indicating improving bullish momentum.
“Hindustan Copper has given a strong breakout above the Rs 550 resistance zone with positive price action and rising volume. The stock is trading above its major EMAs, while RSI remains above 60, indicating improving bullish momentum and supporting further upside,” said Virat Jagad, senior technical research analyst at Bonanza Portfolio.
Jagad has a Buy recommendation on Hindustan Copper, with a buying zone of Rs 572-575, a stop-loss at Rs 515 and a target price of Rs 655. The target implies an upside of around 14% from the stock’s current price of Rs 576.40.
Also Read: India’s family office wealth to grow 1.5x in three years as ultra-rich shift strategies: Report
Hindustan Copper share price
Hindustan Copper shares have gained 8.87% in a week and 16.97% over the past month, according to exchange data. The stock is up 10.21% so far in 2026, while its one-year gain stands at a sharp 140.19%.
Over a longer period, the stock has delivered even stronger returns, rising 321% in three years and 381% in five years.
Also read:US debt tops $40 trillion: Chris Wood flags the 5% trigger that could rattle stock market
The stock’s 52-week high stands at Rs 759.20, while the 52-week low is Rs 226.25. At the current price, Hindustan Copper remains around 24% below its 52-week peak, despite its sharp gains over the past year.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Comments are closed, but trackbacks and pingbacks are open.