“The metal stocks have been in an uptrend and have shown an upward move following the recent rally in base metals. Hindustan Copper has seen a price uptick supported by significantly high volumes in the last few days, indicating strong buying interest. The up move could continue towards Rs 380–390 in the near term,” Ruchit Jain, SVP–Technical Research at Motilal Oswal, told ETMarkets.
Anuj Gupta of Ya Wealth echoed a similar view, noting that the stock has surged more than 50% in the past two months amid rising global demand for base and industrial metals. “Technically, Hindustan Copper is looking positive. It has strong support at Rs 300 and Rs 260 levels, while resistance is seen at Rs 400 and Rs 450. The stock remains in bullish form, continuing to form higher tops and higher bottoms. We expect it may rise further towards Rs 400–450 levels in the short to medium term,” Gupta said.
The rally in Hindustan Copper shares comes amid a broader surge in global copper prices. Copper hit a 16-month high after Canada-based miner Teck Resources cut production guidance for two of its major copper mines. The company said its flagship Quebrada Blanca facility in Chile would produce between 170,000 and 190,000 tonnes of copper this year, significantly lower than its earlier forecast of up to 230,000 tonnes. Teck also trimmed its long-term production outlook for the site through 2028.
Adding to supply-side concerns, Freeport-McMoRan Inc., the world’s largest listed copper producer, suspended operations at its Grasberg mine in Indonesia, the world’s second-largest copper mine, following a fatal mudflow incident in September. The company declared force majeure on contracted supplies after the accident, which killed two employees and left five missing.
These disruptions have tightened global supply and provided further support to copper prices, which are already underpinned by structural demand from green technologies and infrastructure expansion.In its latest report, Motilal Oswal said the long-term outlook for copper remains strongly bullish, driven by the global shift toward decarbonisation, electrification, and digitalisation. “As governments worldwide set ambitious climate targets and invest heavily in green technologies, copper demand is expected to rise sharply,” the brokerage said, adding that prices could reach an all-time high of $11,700 on the LME and Rs 1,080 on MCX in the medium to long term.On the demand side, China remains the world’s largest consumer, accounting for about 60% of global copper demand in FY25. After facing challenges from its property sector, the country has shifted focus toward infrastructure and renewable energy. A $300 billion grid modernization plan and record solar capacity additions are driving copper demand higher for solar and power grid expansion.
Back home, Hindustan Copper has also made operational progress. Last month, the company executed a mining lease deed for the Rakha Copper Mine, one of its key assets, extending the lease for another 20 years. “It is informed that Rakha Mining Lease Deed has been executed between Hindustan Copper Limited (HCL) and District Commissioner (DC), Jamshedpur on September 19, 2025, for an extended period of 20 years,” the company said in an exchange filing.
With global copper prices firming, supply disruptions tightening the market, and the company securing long-term mining rights, analysts believe Hindustan Copper’s recent rally may still have further upside.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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