Compiling Share & Metal Prices: Copyright Infringement?

In today's data-driven world, businesses, analysts, and researchers frequently compile information from online sources such as share prices, metal prices, and chemical prices for reports, indices, or market analysis. A common question arises: data which is available online, like share prices, metal prices, chemical prices etc and its compilation is not a copyright—is this accurate? The short answer is yes, generally speaking. Factual data in the public domain typically does not attract copyright protection, allowing for compilation and use without infringement, provided certain conditions are met.

This blog post delves into the legal nuances, drawing from established principles and judicial insights, to clarify when such compilations are permissible. We'll explore key precedents, exceptions, and practical recommendations to help you navigate this area confidently.

Main Legal Finding: Facts vs. Expression

The cornerstone of copyright law is that it protects original expressions, not facts or ideas themselves. Publicly available data—such as share prices from stock exchanges, metal prices from trade publications, or chemical prices from market reports—is considered factual information in the public domain. Therefore, the compilation and publication of share prices, metal prices, chemical prices, and similar data available online, when used for analysis or reference, do not constitute copyright infringement, provided that the data itself is factual, publicly accessible, and not subject to proprietary restrictions.

• Factual nature: Share prices, metal prices, and chemical prices are raw data points, akin to news events or weather statistics, which courts have repeatedly held as non-copyrightable.
• Public accessibility: If sourced from open websites, exchanges, or journals like Metal Bulletin or Asian Metal, the data is free for use. For instance, courts have noted reliance on such sources without issue: The material placed on the DG's records contains the Joint Plant Committee Report, Metal Bulletin etc. which could have been relied upon by the DG to investigate the factors attributed by the parties towards pricing of steel.

  Steel Producers. , In re VS

• Compilation threshold: Mere aggregation does not create copyright unless it involves substantial originality in selection or arrangement.

Judicial Recognition of Public Data Usage

Indian courts and regulatory bodies have consistently affirmed that publicly available market data is not protected. In price fixation cases under frameworks like the Drug Price Control Order (DPCO), reliance on public market data is standard: the court emphasized adherence to statutory formulae and reliance on publicly available market data 2022 0 Supreme(Del) 1875. Similarly, reliance on publicly available market data for price fixation does not infringe copyright, as the data are factual and in the public domain. 2016 8 Supreme 13

Other precedents reinforce this:- Public exchange data or quotation media can be used for comparable uncontrolled prices, even if not under extraordinary conditions: It is not appropriate to use data available in public exchange or quotation media only under extraordinary market conditions like war etc., (3) A comparable uncontrolled price may be identified from data available in public exchanges or quotation media...

KTC Ferro Alloys (P. ) Ltd. VS Additional Commissioner of Income-tax, Range -3, Visakhapatnam

ALL ODISHA STEEL FEDERATION VS ORISSA MINING CORPORATION LTD.

These cases illustrate that regulators and courts treat such data as verifiable facts, not proprietary expressions.

Compilation and Aggregation: When Does Copyright Apply?

Compiling public data into reports or indices is generally safe, but originality matters. A simple collection of share prices from NSE/BSE or metal prices from LME does not qualify as an original work. However:

• Low originality compilations: Permissible. Courts recognize that facts and data published in the public domain are not protected by copyright, and their use for analysis, research, or reference is permissible.
• High originality: If your compilation involves creative selection (e.g., unique algorithms or curated subsets), copyright may protect the expression, not the underlying facts. The Supreme Court has echoed that facts in the public domain remain free for use 1995 0 Supreme(Del) 133.

From additional contexts, prices shared online or with customers lose trade secret status: The district court correctly concluded that Double Eagle’s prices are not trade secrets, because Double Eagle shares its prices with customers and does not prevent its customers from sharing those prices. 2025 Supreme(US)(ca10) 28

Exceptions and Limitations to Watch For

While public data is broadly usable, pitfalls exist:

• Proprietary databases: Compilations with original selection/arrangement, like specialized indices, may be protected.
• Confidential sources: Data from private APIs or non-public feeds requires permission.
• Misappropriation: Even public facts can't be used deceptively, e.g., scraping restricted sites.
• Trade secrets: If data isn't truly public, sharing could breach confidentiality, as debated in cases where prices were customer-shared but not openly online.

In dominance assessments, public market share data is scrutinized but not restricted: The market share data relied upon by the DG itself shows that the market share of the opposite party...

HT Media Ltd. VS Super Cassettes Industries Ltd.

Practical Recommendations for Safe Use

To minimize risks:

1. Source verification: Stick to open platforms like stock exchanges, Metal Bulletin, or Chemical Week. Attribute sources: e.g., no trade data published? Courts note limitations but affirm public use

   SECRETARY (REVENUE) GOVT.OF INDIA vs DYESTUFFS MFG. ASSON. OF INDIA .

   .
2. Avoid proprietary copies: Don't replicate formatted reports; extract raw data.
3. Add value legally: Use data for analysis—your insights can be protected separately.
4. Document origins: In disputes, prove public sourcing, as in recovery suits where evidence of pricing agreements mattered 2017 0 Supreme(Del) 4657.

Businesses in commodities or finance often link prices dynamically without issue, as seen in derivative contracts deriving value from public prices 2017 0 Supreme(Mad) 164.

Conclusion and Key Takeaways

In summary, compiling online-available data like share prices, metal prices, and chemical prices is legally permissible and does not constitute copyright infringement, as long as it's factual, public, and non-proprietary. Courts uphold this through principles distinguishing facts from expression, supported by precedents on market data reliance 2016 8 Supreme 13 2022 0 Supreme(Del) 1875 1995 0 Supreme(Del) 133.

Key Takeaways:- Public facts = No copyright.- Compilation okay sans high originality.- Always check for proprietary layers.

This post provides general information based on legal principles and is not specific legal advice. Consult a qualified attorney for your circumstances.