Hindustan Copper Sees Surge in Open Interest Amid Ongoing Stock Decline

Hindustan Copper Ltd, a prominent player in the non-ferrous metal industry, has experienced a significant increase in open interest today. The latest open interest stands at 19,384 contracts, reflecting a rise of 2,429 contracts or 14.33% from the previous open interest of 16,955. The trading volume for the day reached 8,947 contracts, contributing to a total futures value of approximately Rs 23,446.63 lakhs.
Despite this uptick in open interest, Hindustan Copper's stock has underperformed relative to its sector, declining by 3.94% today. The stock has faced a consecutive fall over the past four days, resulting in a total decline of 6.95% during this period. The intraday high for the stock was recorded at Rs 229.19, marking a 2.57% increase at its peak.

In terms of moving averages, the stock is currently above its 20-day moving average but below the 5-day, 50-day, 100-day, and 200-day averages. The non-ferrous metal sector overall has gained by 2.36%, contrasting with Hindustan Copper's performance. Additionally, the stock has shown rising investor participation, with a delivery volume of 54.72 lakhs, up 16.82% compared to the five-day average.

In summary, while Hindustan Copper has seen a notable increase in open interest, its recent stock performance has been less favorable compared to both its sector and broader market indices.