HINDUSTAN COPPER JUMPS 7% AS LME COPPER PRICES NEAR RECORD HIGHS; CABLE AND WIRE STOCKS GAIN UP TO 5%

Shares of Hindustan Copper rose around 7% as copper prices moved closer to record levels, supported by tightening near-term supplies and a sharp widening in the London Metal Exchange’s cash-to-three-month spread. Copper’s spot price traded at a significant premium to three-month contracts, signalling strong immediate demand and limited availability. Copper prices have gained nearly 16% so far this year, supported by increased shipments to the US ahead of potential tariff measures. Supply diversion towards the US has tightened availability in other markets, while expectations of strong long-term demand from the energy transition and challenges in developing new mines have further supported prices. Other metal and cable stocks, including Finolex Cables, Polycab and KEI Industries, also gained. However, relatively subdued demand in China, the world’s largest copper consumer, remains a factor limiting the upside. The US administration has yet to announce its plans for tariffs on refined copper, while market participants continue to build inventories in anticipation of possible trade disruptions. Despite these uncertainties, continued supply tightness and strong long-term demand expectations remain supportive for copper prices and producers such as Hindustan Copper.