The shares of Hindustan Copper surged 6 percent on March 20 as copper prices crossed the $10,000 level. The stock was hovering around Rs 235 per share in afternoon trade.

US President Donald Trump had last month ordered the country's commerce department to investigate imports of copper. This is considered a precursor to imposing duties. Traders scrambled to send as much metal to US as possible ahead of the tariffs. This, in turn, reduced the supply in the rest of the world, shooting up copper prices.

Goldman Sachs and Citigroup anticipate that US will impose a 25 percent tariff on copper imports by the end of 2025, similar to what it has levied on steel and aluminum imports.

Copper on the London Metal Exchange hit a 5-month high of $10,046.50 a ton on Thursday. The copper prices on New York's Comex also neared a record high.

Axis Securities however noted that positive data print from China may have also led to the rise in copper prices. The brokerage remained mildly bullish on copper derivatives.

Hindustan Copper shares have strongly recovered after hitting a 52-week low of Rs 195 apiece on March 3. The stock however is significantly down from its 52-week high of Rs 416 per share. It is currently one of the top gainers on the Nifty Metal index which itself is up nearly 1.3 percent.

Madhav Copper shares also saw significant rise on March 20. The stock surged nearly 4 percent to trade at Rs 47 apiece.