Hindustan Copper rises 3.6% as global copper prices climb
Hindustan Copper's stock climbed 3.6% on Friday, peaking at ₹580.50 and trading at ₹576.40.
The boost came as copper prices rose worldwide, thanks to a weaker US dollar: LME copper hit $14,111.50 per ton and Shanghai's main contract edged up, too.
Hindustan Copper breaks ₹550 resistance
Even with Friday's gains, LME copper prices dipped 0.3% for the week due to higher supply and bigger inventories.
On the bright side, Hindustan Copper broke past its ₹550 resistance with strong trading volumes and a bullish technical outlook:
one analyst, Virat Jagad, senior technical research analyst at Bonanza Portfolio, is recommending a Buy in the ₹572 to ₹575 range with a target of ₹655.
The stock is still down from its 52-week high but has delivered an impressive 321% return over three years, keeping investor optimism alive.