Category: Gold News
Multibagger! Hindustan Copper stock zoomed 118% in just 5 months, gained 215% in a year; what lies ahead?
Marching upwards
On Monday, copper prices surged following the expansion in China’s manufacturing activity for the first time in six months. In March, the manufacturing purchasing managers index (PMI) climbed to 50.8 from February’s 49.1, indicating growth in the world’s second-largest economy, according to experts.
Production numbers
On the production front, Hindustan Copper has shown notable progress. During the nine months ending December 2023, mine production of copper ore increased by approximately 21%, while metal-in-concentrate production saw a 5% rise compared to the same period last year.
Demand outlook
Copper demand in India is poised to grow in sync with the nation’s economic expansion. Increased demand from the power sector, driven by the government’s focus on renewable energy, along with rising consumer demand for durable goods, will boost the need for copper.
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