Hind Copper, Hindalco, NALCO shares jump up to 6% to fresh record highs on soaring metal prices

Metal stocks jump

• Metal stocks hit record highs as copper and aluminum prices surge globally
• Nifty Metal index rose over 1 percent to a new 52-week high of 11,652.70
• Hindustan Copper, Hindalco, and NALCO shares jumped to fresh 52-week highs

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The shares of metal companies jumped to fresh record highs on January 6 as copper and aluminum prices soared amid global geopolitical tensions and supply constraints.

The sharp rise in the share prices pushed the Nifty Metal index up more than 1 percent to hit a fresh 52-week high of 11,652.70 in the morning trading hours of Tuesday.

Copper, aluminum prices jump:

Copper prices soared to an all-time high of $13,253.50 a ton on the LME, driven by fears of shortages and expectations that turmoil in Venezuela could accelerate the broader race to secure critical minerals.

"Metals, copper included, are rallying on the thematics of critical minerals and security of supply chains in the new world order, which comes into yet sharper view through latest events in Venezuela," Reuters quoted Duncan Hobbs, research director at Concord Resources, as saying.

"December's Fed rate cut, persistent concerns over supply-side tightness and the prospect of further sectoral tariffs continue to fuel optimism for the metal," said Axis Securities.

Aluminium prices also jumped, supported by a tightening supply outlook and expectations of sustained long-term demand growth.

Metal stocks:

Hindustan Copper shares jumped around 4 percent to hit a fresh 52-week high of Rs 574.6 apiece. The stock has risen over 8 percent in the past five days, and over 55 percent in the past one month. The stock has surged more than 106 percent in the past six months.

Hindalco Industries shares jumped over 4 percent to a fresh 52-week high of Rs 970.80 apiece. The stock has gained nearly 17 percent in the past one month, and over 38 percent in the past six months. This comes after the stock gained 67 percent in the past one year.

National Aluminium Company (NALCO) shares gained around 6 percent to a fresh 52-week high of Rs 350.35 apiece. The stock has gained nearly 11 percent in the past five days, and over 30 percent in the past one month. The stock surged 85 percent in the past six months.

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