Hindustan Copper shares hit lifetime high: Here’s why the stock jumped 18%

Metal stocks extended their sharp rally for the third consecutive session on January 29, led by Hindustan Copper, even as broader equity markets traded under pressure. The Nifty Metal index jumped over 2 percent, scaling a fresh lifetime high of 12,359.05, defying weakness in benchmark indices Sensex and Nifty.

Hindustan Copper Ltd (HCL) emerged as the star performer on the index, with shares surging as much as 18 percent to hit an all-time high of ₹745. The stock has delivered a staggering 305 percent rally in just nine months, rebounding sharply from its 52-week low of ₹183.82 recorded in April last year.

The recent surge comes after the state-owned miner announced that it has been declared the preferred bidder for the Baghwari–Khirkhori Copper and Associated Mineral Block in Madhya Pradesh following a successful e-auction. The development has significantly strengthened investor confidence in the company’s long-term growth prospects.

Hindustan Copper has also been witnessing unusually heavy trading volumes, with nearly 89.6 lakh shares changing hands on the BSE, almost three times its recent daily average—signalling strong institutional and retail interest.

The rally is further supported by a global copper price boom, with the red metal gaining nearly 60 percent in 2025, driven by accelerating demand from electric vehicles, renewable energy projects, power grids, and AI-intensive data centres.

Analysts note that electric vehicles consume three to four times more copper than conventional vehicles, while renewable energy and grid upgrades are increasingly copper-intensive.

The broader metals space also gained momentum as gold and silver prices hit record highs on the MCX, lifting overall commodity sentiment. Gold futures surged around 9 percent, while silver futures climbed nearly 6 percent to fresh lifetime highs.

Adding to the optimism, India’s Index of Industrial Production (IIP) growth rose to a 26-month high of 7.8 percent in December, supported by strong performance in mining and electricity. Expectations of policy support for manufacturing in the upcoming Union Budget are also fuelling bets on metal stocks.

Among other metal counters, NALCO and Jindal Steel gained nearly 4 percent each, while Hindalco, Vedanta, NMDC, and Tata Steel advanced around 2 percent. SAIL, Hindustan Zinc, and JSW Steel were also trading higher, though stocks like APL Apollo Tubes, Adani Enterprise,s and Welspun Corp bucked the trend.

As of 12:41 pm, Hindustan Copper shares were trading over 12 percent higher at ₹631, significantly outperforming the Nifty Smallcap 100, reinforcing its status as a key proxy for India’s booming copper and metals theme.