The stock market today saw metal stocks trying to find their footing after a sharp sell-off last week. While global commodity markets remained under pressure, a few domestic names attempted a quiet comeback. Among them, Hindustan Copper share price stood out in early trade on Monday, February 2, showing signs of recovery after a dramatic fall in the previous session.
This comes at a time when investor sentiment across metal stocks remains cautious, shaped by global volatility, currency movements, and sharp corrections in commodity prices.
Market Performance: Metal Stocks Try to Regain Balance
Metal stocks were trading mixed on Monday morning, following a bruising end to last week.
- Nifty Metal index was up 0.20% in early trade
- Over Friday and Sunday, five index stocks erased nearly ₹2 lakh crore in market capitalisation
- The sharp erosion was led by Hindustan Zinc and Vedanta
The mood across the metal space remained fragile. While some buying emerged after steep declines, the broader undertone stayed defensive.
Main News: Hindustan Copper Share Price Attempts a Rebound
Against this backdrop, Hindustan Copper share price opened around 4% higher on Monday.
This bounce came after the stock emerged as the biggest laggard in the previous session, where it had plunged 19%. The fall was accompanied by unusually heavy trading activity.
Key trading highlights:
- Shares traded: around 51.1 million
- Total traded value: nearly ₹3,018 crore
- Activity was notably higher compared to recent sessions
The sharp drop followed by a rebound reflects heightened volatility and active participation rather than a stable trend.
Other Metal Stocks in Focus
Other large metal stocks also showed mild recovery after steep losses.
Hindustan Zinc
- Trading about 2% higher on Monday
- Stock had fallen 13% on Sunday
- Market capitalisation erosion crossed ₹60,000 crore over two sessions
Vedanta
- Shares were trading in the green in early trade
- Stock had declined 10% on Sunday
- Two-day fall erased nearly ₹54,000 crore in market value
- The stock had almost touched a ₹3 lakh crore valuation last week before the slide
These moves highlight how quickly sentiment shifted across the metal pack.
Global Cues: Commodity Markets Remain Under Stress
The pressure on domestic metal stocks mirrors continued weakness in global commodity markets.
Copper prices extended losses on Monday, adding to the sharp correction seen towards the end of last week.
- On the London Metal Exchange (LME), copper fell as much as 3.3%
- Prices dropped to $12,722 per tonne
- Copper had surged above $14,500 per tonne last Thursday
- It then slipped below $13,000 in intraday trade on Friday
This sudden swing has kept traders on edge globally.
Speculative Activity Adds to Volatility
Base and precious metals have remained volatile over the past week, driven by intense speculative activity, particularly in China.
This turbulence deepened after reports of trading disruptions:
- Losses estimated at 1 billion yuan (around $144 million)
- Trades reportedly left unsettled after a counterparty exited the country
- The situation raised concerns around hidden financial risks in commodity trading networks
The episode added another layer of uncertainty to already fragile commodity markets.
Precious Metals Also Under Pressure
The weakness wasn’t limited to base metals.
- Spot silver turned flat after falling as much as 6% in early trade
- Prices briefly dipped below $80 an ounce, from record highs above $120
- Gold was trading about 3% lower in early spot market action
This broad-based decline shows how risk-off sentiment spread across commodities.
US Dollar Strength Weighs on Metals
Adding to the selling pressure was a stronger US dollar.
- The dollar index posted its biggest rally since May
- Index climbed back above 97
- Earlier last week, it had slipped to its lowest levels since February 2022
A stronger dollar typically weighs on commodity prices, making metals more expensive in global markets.
Company Details: Hindustan Copper at a Glance
- Operates as a key player in India’s copper sector
- Stock witnessed extreme volatility over the last two sessions
- Heavy volumes indicate elevated trader interest amid market turbulence
The recent action in Hindustan Copper share price underscores how quickly sentiment can swing in the metal space when global cues turn adverse.
Summary: What This Means for Stock Market Today?
The stock market today reflects a metal sector caught between sharp global cues and local volatility.
- Hindustan Copper share price saw a rebound after a steep fall
- Heavy volumes point to heightened uncertainty rather than clarity
- Global commodity weakness, stronger dollar, and speculative stress continue to influence prices
For now, metal stocks appear to be stabilising after sharp corrections, but the environment remains sensitive to global developments. The recent moves are a reminder of how closely domestic metal stocks track international commodity trends in volatile phases.
Source: CNBC TV
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