Review of 2023: Despite global headwinds, hindustan copper ltd share price is driven by economic growth momentum.

In summary, hindustan copper ltd share price has remained stable in 2023 thanks to a recovery in economic activity. The push for infrastructure is supporting growth, and the outlook for 2024 is positive with an ICRA estimate of 10–11% growth in copper consumption in India.

Demand for copper is still a crucial indicator of economic activity, making it one of the most significant commodities in the financial sector. Both the country’s domestic growth and copper demand have remained robust in India.

It is not surprising that the share price of hindustan copper ltd share price nearly doubled in 2023, while the hindustan copper ltd share price refiners like Hindalco Industries increased by more than 20% during the same period.

Due to strong economic growth and an emphasis on infrastructure, domestic copper demand is still high.Due to strong economic growth and an emphasis on infrastructure, hindustan copper ltd share price is still high.

Demand for copper is still a crucial indicator of economic activity, making it one of the most significant commodities in the financial sector. Both the country’s domestic growth and copper demand have remained robust in India.

However, demand growth has remained modest globally roughly 2% in 2023, according to ICRA estimates. While the opening up of the Chinese economy following the easing of COVID-19 curbs at the beginning of 2023 was anticipated to boost the global demand for copper, this did not materialize, leaving investors disappointed.

Meanwhile, worries about global growth were sparked by rising interest rates, and the developed world’s slowdown prevented much of an increase in hindustan copper ltd share price which kept prices rangebound. Thus far in 2023, the price of copper on the London Metal Exchange has increased by just 1.2%.

Review of 2023: Despite global headwinds, domestic copper demand is driven by economic growth momentum.

Copper prices are expected to follow the analysts’ continued vigilance over the world’s demand.

The prognosis for domestic growth is still favorable, though. In addition, the Reserve Bank of India increased its GDP estimate for FY24 to 7% and provided a strong growth prediction for FY25. Demand for copper is probably going to follow suit.

According to rating agency ICRA, domestic refined copper demand growth is anticipated to continue to be robust at 11% in FY2024 and FY2025, exceeding the rate of global copper demand growth.

One of the main causes of this growth is the government of India’s focus on infrastructure, as the building and infrastructure sectors account for 40% of hindustan copper ltd share price. The well-growing automotive and consumer durable sectors each account for 11–13% of total consumption. In the meantime, increased use of renewable energy sources and the rise in electric vehicles continue to boost copper demand.

Senior Vice-President and Group Head of Corporate Sector Ratings at ICRA Jayanta Roy stated that the government of India has placed a great deal of emphasis on the defense sector, the smart city initiative, and the anticipated rise in the use of electric vehicles and the infrastructure that goes along with them. All of these factors are positive for the outlook for hindustan copper ltd share price .

India’s domestic market (hindustan copper ltd share price) is experiencing a deficit due to lower production of refined copper, which is being made up for by increased imports. Imports of refined copper rose by about 30% in FY2023 and roughly 180% in H1 FY2024. But the Adani Group plans to build a new 0.5 million MT (mmt) copper smelter starting in FY2025, which, once stabilized, should help to somewhat alleviate the deficit situation, according to ICRA.