Shares of state-run Hindustan Copper Ltd. gained as much as 7 percent on Tuesday, extending its gaining streak for the sixth straight session. The intraday high of Rs 151.70 was the highest level seen by the stock since October 2021.

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The stock is trading with gains on volumes that are 21 times higher than its 20-day average of 4.5 lakh shares.

Shares of Hindustan Copper had also risen 10 percent on Monday, on the back of heavy volumes. A total of 2.88 crore shares have been traded so far, with over 20 percent of them marked for delivery.

The stock has gained nearly 30 percent during this six-day gaining streak. The last time shares had gained for six sessions in a row was in 2021 between February 22 and March 1.

According to market experts, the rise in copper prices could be fuelling the rally in Hindustan Copper shares. Copper prices have risen to their highest level in three months on expectations of revival in demand in China and growing supply risks from Chile.

Chilean copper mining giant Codelco last week lowered its annual production guidance and raised cost estimates, pushing global copper prices further.

Hindustan Copper was also in news last month when a top company official said that the company is hopeful of commencing mining at its closed Rakha mine in Jharkhand.

This would entail an investment of over Rs 2,000 crore after obtaining a final clearance from the state government, the company official had said.

The Rakha mine has been closed since 2001 and the state government recently gave in-principle consent to renew the lease. Hindustan Copper is likely to appoint a mine developer-cum-operator for the reopening and expansion of the mine soon.

Shares of Hindustan Copper are trading 6.4 percent higher at Rs 150.10. The stock's Relative Strength Index (RSI) is trading above the mark of 70, indicating that the stock is in overbought territory.