Vedanta, Hindustan Copper to Muthoot Finance: 5 stocks that are following gold, silver, zinc, copper price rally

Commodity markets are in the midst of a strong upcycle, with precious and industrial metals witnessing sharp gains in both domestic and global markets. Gold, silver, copper and zinc prices have surged on the Multi Commodity Exchange (MCX), triggering rallies in related stocks.

MCX gold rate hit an all-time high of over ₹1.16 lakh per 10 grams, while MCX silver price crossed ₹1.44 lakh per kg, marking a new lifetime high.

Copper prices also extended their upward momentum, rising above ₹948 per kg on MCX, supported by global supply disruptions. The bullishness intensified after Freeport-McMoRan’s Grasberg mine in Indonesia — responsible for 3% of the world’s copper output — declared force majeure following a fatal mudslide. With full production not expected to resume before 2027, quarterly guidance for copper and gold sales has been revised downward.

Further constraints emerged after Hudbay Minerals halted operations at its Constancia mine in Peru due to local protests. Analysts say these disruptions underscore the market’s vulnerability to supply shocks, tightening availability for smelters and supporting elevated prices in the near term.

Zinc prices followed suit, with MCX zinc futures rising over half a percent to trade above ₹284 per kg.

The prices of gold, silver, copper and other metals typically move in cycles influenced by supply constraints, industrial demand and investor positioning. Companies engaged in mining, refining or financing these commodities stand to benefit significantly during upcycles. A select group of financially resilient players is well positioned to capitalize on the current rally.

Here are five key beneficiaries of the metals surge:

Hindustan Copper

Hindustan Copper is India’s only fully integrated copper producer, with operations spanning mining, beneficiation, smelting and refining. With global copper demand on the rise, the company is strategically positioned to benefit. Hindustan Copper share price has surged nearly 40% over the past month, reflecting market optimism.

Vedanta

Vedanta is India’s largest diversified natural resources company, with interests in zinc, silver, aluminium, copper, iron ore, and oil & gas. Silver contributes significantly through its zinc business, while copper smelting provides direct leverage to rising red metal prices. Aluminium adds further strength amid the global infrastructure and electrification push.

Hindalco Industries

Best known as India’s leading aluminium producer, Hindalco also has a substantial copper business that contributes meaningfully to its revenue and profitability. Through its subsidiary Novelis, Hindalco Industries is also the world’s largest aluminium rolling company, offering global exposure and diversified earnings beyond India.

NMDC

While iron ore remains NMDC’s core business, the company has been gradually diversifying into other minerals, including copper and gold exploration, positioning itself to capture upside from multi-metal demand trends.

Gold Financiers: Muthoot Finance & Manappuram Finance

Gold financing companies are indirect beneficiaries of rising gold prices. Muthoot Finance reported loan assets exceeding ₹1.2 lakh crore as of June 30, 2025, with a strong net worth of ₹29,457 crore. Manappuram Finance also continues to gain from rising collateral values and growing loan demand. Elevated gold prices improve collateral cover, lower credit risk, and support stronger disbursements for both players.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.