Shares of Hindustan Copper Limited declined 11% after copper prices witnessed a steep fall on Friday, reflecting sharp weakness across the broader metals complex. The stock came under heavy selling pressure as copper futures on Multi Commodity Exchange of India (MCX) dropped close to 6%, slipping to around ₹1,330 per kg amid heightened volatility in global commodity markets. As of 3:09 PM, the shares were trading 9.34% lower at Rs 689.05.
The sharp correction in copper prices followed aggressive profit booking after recent rallies, coupled with a sudden deterioration in global risk sentiment. Both base metals and precious metals faced broad-based selling as traders rushed to cut leveraged positions, triggering a sharp intraday decline in prices.
Market participants attributed the weakness largely to macroeconomic factors rather than any immediate change in supply-demand fundamentals. Expectations of tighter global monetary conditions, a stronger US dollar, and rising bond yields have weighed heavily on metals. Copper, often viewed as a key indicator of global economic growth, bore the brunt of this risk-off move.
Pressure was further amplified by weakness in international copper prices, which retreated sharply after touching multi-decade highs earlier in the week. As positions unwound across global commodity trades, selling intensified through the session, leading to a sharp fall in domestic futures as well.
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