Metal stocks extended their exceptional rally for the eighth consecutive session on December 29, with Hindustan Copper leading the charge by surging around 7% to touch ₹508.05 per share. The stock reached intraday highs of ₹545.95, matching its previous 52-week peak, as the company continues to benefit from the global copper price boom. The Nifty Metal index climbed 1.5% to 10,967.75 by 9:55 am on Monday, earlier hitting a fresh 52-week high of 10,983.20. Over the past eight sessions, the index has risen about 5%, reflecting strong momentum across the metals sector. According to the latest data, MarketsMOJO upgraded Hindustan Copper's Mojo Grade from Hold to Buy on December 4, 2025, with the company's market capitalisation crossing the ₹51,286.12 crore mark.
The rally showcased broad participation across both ferrous and non-ferrous metals, with SAIL shares climbing over 4%, maintaining the bullish trend in steel stocks. Tata Steel, Vedanta, and Jindal Steel & Power recorded gains of over 2% each, contributing to overall market optimism. Hindustan Zinc moved up nearly 2%, while APL Apollo Tubes and JSW Steel rose more than 1% each. Minor gains were also seen in Welspun Corp, Hindalco Industries, National Aluminium (NALCO), NMDC, and Adani Enterprises, highlighting the comprehensive nature of the metals sector rally. The stock continues to trade above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — indicating a sustained upward trend, with exceptional 2024 performance showing gains of 89%.
The current surge is driven by copper prices reaching an all-time high of $12,960 per ton on the London Metal Exchange, adding significant fuel to the stock's momentum. According to market analysts, the rally is supported by tight supply conditions, with inventories across base metals remaining constrained, limiting downside risk. Rising commodity prices across gold, silver, and copper reflect physical supply shortages rather than temporary market fluctuations. Additionally, unplanned mine outages in various regions are contributing to supply constraints, while fears that the United States may soon impose import tariffs on copper are creating potential supply rush scenarios. A softer US dollar and easing real yields are providing additional support for dollar-denominated commodities.
China's policy support through infrastructure, power grids, renewable energy, and urban redevelopment projects is significantly boosting demand for steel, copper, aluminium, and zinc. Energy transition demand continues to drive strong consumption of metals such as copper and silver from electric vehicles, renewable energy projects, and AI-related technologies. With a market capitalisation of ₹51,286.12 crores, Hindustan Copper remains majority-owned by the Indian government with a 66.14% stake, which has seen massive value appreciation. Life Insurance Corporation of India (LIC) owns over 4% of the company, a stake now valued at more than ₹2,000 crore, highlighting substantial gains for institutional investors.
The sustained momentum reflects India's copper demand projection to increase significantly, reaching 3.24 million tonnes by 2030, positioning Hindustan Copper as central to the country's mineral security and long-term resource planning. As India's only vertically integrated copper producer, the company maintains ambitious plans to triple mining capacity from 4 million tonnes per annum in FY25 to 12.2 million tonnes by FY31. The company's consolidated net profit for the September quarter rose sharply year-on-year on higher revenues from operations. According to HDFC Securities, the company presents a highly attractive long-term investment proposition, with focus on improving ore production, enhancing capacity utilization, and controlling costs supporting the recent upgrade driven by enhanced earnings visibility and positive sectoral tailwinds.