Zhitong Finance App learned that copper stocks continued to decline. As of press release, Wanguo International Mining (03939) fell 4.28% to HK$3.38; China Nonferrous Mining (01258) fell 3.64% to HK$5.3; Minmetals Resources (01208) fell 2.34% to HK$2.5; and Jiangxi Copper shares (00358) fell 0.48% to HK$12.48.
Galaxy Futures pointed out that copper mining companies have released financial reports for the second quarter one after another, and most mining companies' production expectations are compounded. However, there are also several mining companies that have lowered their production expectations due to reasons such as the slow pace of copper mine commissioning and the decline in copper ore grade. The bank lowered its mine production forecast to 600,000 tons this year, a growth rate of 2.71%. The bank believes that the mine's commissioning situation in the next two years is not optimistic. The bank also pointed out that yesterday's macro data was relatively lackluster. The market is awaiting US CPI data. It is expected that the CPI will rebound to 3.6% year on year in August. Market transactions and further inflation will put pressure on copper prices. It is expected that there will be a chance for copper prices to pull back.