State-owned Hindustan Copper extended its winning streak for the fifth consecutive session on Thursday, September 25, rising 7% to ₹330 per share. The stock is now approaching its 52-week high of ₹353, supported by a sharp increase in global copper prices amid growing concerns over supply disruptions.
On Wednesday, benchmark three-month copper on the London Metal Exchange surged 3.9%, reaching a 15-month high of $10,400 per metric ton. The rally followed Freeport-McMoRan’s declaration of force majeure at its Grasberg mine in Indonesia—one of the world’s largest copper sources—after a deadly mudflow on September 8 left two workers dead and five missing. Freeport now expects Q3 copper sales to be 4% lower and gold sales about 6% lower than previously estimated. Grasberg contributes roughly 3% of global copper output.
The incident underscores the copper market’s vulnerability to global supply shocks. Additional disruptions, such as Hudbay Minerals halting operations in Peru amid protests, have further strained supply. Copper demand remains strong due to the clean energy and AI booms.
Hindustan Copper has gained 43% so far in September, driven by rising prices, lease renewal of its Rakha mine, and a recent MoU with Oil India to develop critical minerals.
