Hindustan Copper share price has increased by nearly 17 per cent as the stock has extended gains for seven straight sessions on June 30. In today’s trade the stock surged nearly 4 per cent to trade at an early high of Rs 285.95 apiece on the NSE. The stock gained after the company informed the exchanges that it has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL).
On June 29, Hindustan Copper Ltd informed the exchanges via a filing that it has signed an MoU with Indian Oil Corporation Limited (IOCL) to participate in critical minerals block auctions. As a part of the MoU the two companies will also develop a block for exploring, mining and processing minerals jointly. The company added that the IOCL and Hindustan Copper Ltd also seek to share risks across the value chain by signing the MoU. Additionally the two companies will also seek to share investments and risks for the development from existing assets of Hindustan Copper Ltd. However the company also mentioned in the filing that the MoU does not constitute a legally binding relationship.
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The signing of the MoU comes amid Hindustan Copper’s plan to diversify its business by bidding strategically for critical mineral blocks and rare earth elements. Rare earth elements are used widely in the tech industry for making smartphones, electric vehicles and renewable energy systems. Earlier in June, China curbed exports of rare earth metals to India, which in turn, has triggered warnings of supply chain disruptions.
Hindustan Copper stock price has been on a gaining spree since June 19. A spike in copper prices has led to a rise in the price of the stock. Earlier on June 27, Goldman Sachs said in a brokerage note that the price of the metal is likely to hit its highest level in 2025 so far of $10,050 per tonne in August. The surge in demand for copper comes amid supply concerns which followed shipments of copper to the US after US President Donald Trump’s announcement of tariff imposition hiked copper prices. This in turn has significantly decreased global inventories of copper, leading to higher prices. According to the brokerage note, the prices of copper are likely to keep on rising on account of tariff-driven reductions in inventory.
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Hindustan Copper Share Price History
In the last one year, the shares of Hindustan Copper have declined nearly 12 per cent on the NSE. On a year-to-date (YTD) basis, Hindustan Copper stock price has gained nearly 14 per cent. In the past one month the stock has surged over 11 per cent and in the last five sessions shares of Hindustan Copper have gained 10 per cent.
At the time of writing shares of Hindustan Copper were trading at Rs 283.07 apiece, up by 2.5 per cent on the NSE.
