Copper Stocks Fall as Chinese Fears Increase

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Copper Stocks Fall as Chinese Fears Increase
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Copper stocks in India continued their downward trend from yesterday as fears over Chinese coming down hard on copper prices went up.

A Wall Street Journal report said that there was “Speculation that China’s strategic stockpiling body, the State Reserve Bureau, is planning to gradually release some of its stockpiles of copper, aluminum and zinc over the coming months led to the downturn.”

China consumes half the world’s production of refined copper. It has been sending out feelers that the metal’s rally has gone on for far too long, and it might take steps to cut it down.

Copper has led the charge for the overall metals’ sector for the last six months. Metal stocks across the world have been on a rampage and a lot of them have more than doubled their stock prices in this time period. Is the rally coming to an end now? It might be too soon to tell but copper stocks in India have been down the last two days.

Shares of Hindalco Industries Ltd. (NS: HALC ) have fallen 3.4% from Rs 394.8 on June 14 to Rs 381.35 as of this report. Hindustan Copper Ltd (NS: HCPR ) has fallen 5.65% from Rs 167 on June 4 to Rs 157.55 today while Vedanta Ltd (NS: VDAN ) has fallen 2.84% from Rs 273.9 on June 14 to Rs 266.1 as of this report.

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