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Hindustan Copper shares rose around 2 per cent on Tuesday to hit a fresh 52-week high, tracking a sharp jump in global copper prices, which moved to record levels.

The stock touched an intraday high of Rs 575, marking a new one-year peak. At the time of writing this report, Hindustan Copper shares were trading at Rs 556.05, down Rs 9.20 or 1.63 per cent from the previous close.

The stock opened at Rs 574.80 and slipped to an intraday low of Rs 548 before paring some losses. The company’s market capitalisation stood at about Rs 53,800 crore. The previous 52-week high was also Rs 575.

Market participants attributed the recent rally to strong global copper prices, supported by tight supply conditions and improving demand outlook from key consuming regions.

Zee Business Managing Editor Anil Singhvi recommended a buy on Hindustan Copper shares at Rs 565. He set short-term targets of Rs 570, Rs 574 and Rs 580. He also advised keeping a stop loss at Rs 555.

Abhay Shukla is a Senior Sub-Editor at Zee Business, specializing in the analysis and reporting of stock markets, corporate news, personal finance, technology, and the auto sect