Copper Prices Soar to Record High, Hindustan Copper Shares Jump 4%

Hindustan Copper shares surged more than 4% on Tuesday after copper prices reached an all-time high amid shortage concerns and a weaker US dollar. The London Metal Exchange saw benchmark copper contracts touch $14,533 a metric ton, surpassing their previous peak of $14,527.50 in January.

The rise in copper prices was driven by strong buying from commodity trade advisor investment funds, largely driven by computer programs, according to Alastair Munro, senior base metals strategist at broker Marex.

Traders and producers have been shipping large amounts of copper to the US since President Donald Trump hinted at import tariffs in February last year. This led to prices increasing as traders tried to store copper in the US ahead of potential tariffs. However, Trump eventually imposed tariffs on copper products but not refined metal.