Hindustan Copper shares soar to record high, surge 40% in 4 days. What's behind the rally?
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Shares of state-owned Hindustan Copper vaulted to a fresh 52-week high on Thursday, capping a blistering four-day rally that has added 40% to the stock, as a global surge in copper prices and the state-owned miner’s success in securing a new copper block sharpened investor appetite. Hindustan Copper shares jumped as much as 17.7% on Thursday to Rs 721 on the BSE, extending a sharp advance that began last week. The stock has climbed from a closing level of Rs 531.80 on Jan 22, rising 5% on Tuesday and 12.5% on Wednesday, as momentum accelerated across the metals space. Global copper rally lights the fuse The immediate catalyst has been a renewed surge in global copper prices, which hit record levels amid geopolitical tensions, trade uncertainty and a weakening dollar.“Copper rallies to an all time high,” said Jigar Trivedi, Senior Research Analyst at Indusind Securities. “Copper futures surged 5% to above $6.2/pound, hitting record highs o...