Shares of Hindustan Copper and Hindustan Zinc came under sharp selling pressure after a strong recent rally, with both stocks correcting sharply from their intraday highs as base and precious metal prices cooled off from record levels.
Hindustan Copper slipped as much as 11% from the day’s highwhile Hindustan Zinc declined around 5% from intraday peakstracking weakness across the broader metals space. The correction follows a sharp surge in both stocks over the past few sessions, driven largely by a rally in copper and silver prices.
Copper prices retreated from record highs during the session, triggering profit booking in copper-linked stocks. On the MCX, copper futures eased from their intraday peak even as prices remained elevated on a day-on-day basis. The pullback came after a strong run-up fueled by global supply disruptions, tight inventories, and sustained demand from energy transition and technology sectors.
At the same time, silver prices corrected sharply from recent all-time highsadding further pressure on metal stocks. In the domestic market, silver has fallen by nearly Rs 20,000–21,000 per kg from peak levelsafter witnessing an extraordinary rally over the past year. The sharp decline prompted investors to book profits across stocks exposed to silver and other metals.
Hindustan Zinc, which has significant exposure to silver as a by-product, was particularly impacted by the sudden drop in white metal prices. Silver had earlier surged on strong industrial demand, expectations of US rate cuts, geopolitical tensions, and concerns around global supply, including reports of China planning export restrictions starting January 2026. The recent reversal, however, led to swift unwinding of bullish positions.
Market participants said the simultaneous correction in copper and silver intensified selling pressure, especially after both Hindustan Copper and Hindustan Zinc delivered steep gains in a short period. The decline appears to be driven largely by near-term profit booking and cooling commodity pricesrather than any stock-specific developments.
Despite the sharp intraday fall, traders noted that movements in these stocks remain closely linked to fluctuations in global metal prices, which continue to stay volatile after touching record levels.
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