Hindustan Copper Shares Surge on Global Copper Price Rally

Hindustan Copper shares rose significantly on Monday, driven by a sharp increase in global copper prices. The stock settled at Rs 569.95 per share on the NSE, up 7.73 percent from the previous day's close. During trading hours, Hindustan Copper touched a high of Rs 574.90 per share, representing an 8.65 percent gain.

The rally was fueled by a surge in international copper markets, where the London Metal Exchange's (LME) cash contract reached USD 518.50 a tonne above the three-month contract. Virat Jagad, Senior Technical Research Analyst at Bonanza, noted that Hindustan Copper is exhibiting a bullish recovery, with the stock trading above its short- and medium-term moving averages.

According to Jagad, the recent breakout from the Rs 520-Rs 535 consolidation zone is supported by improving volume, indicating stronger buying interest. He recommended considering fresh entry at levels around Rs 565-Rs 570, while advising against overbought territory as indicated by the RSI of 65-68.

The stock remains above its longer-term moving average, maintaining a positive structure. For existing positions, Jagad suggested maintaining Rs 510 as the stop-loss level.