Copper stocks continued to rise. As of press release, Wanguo International Mining (03939) rose 4.53% to HK$8.77; Minmetals Resources (01208) rose 2.78% to HK$3.33; and China Nonferrous Mining (01258) rose 2.57% to HK$6.79.
The Zhitong Finance App learned that copper stocks continued to rise. As of press release, Wanguo International Mining (03939) rose 4.53% to HK$8.77; Minmetals Resources (01208) rose 2.78% to HK$3.33; China Nonferrous Mining (01258) rose 2.57% to HK$6.79; Jiangxi Copper (00358) rose 1.41% to HK$14.34.
According to the news, under the influence of factors such as tight copper concentrate production and expectations of production cuts in smelters, copper prices have recently risen sharply. Since March 14, the Chinese spot market has surpassed 70,000 yuan/ton, reaching 72,000 yuan/ton; the futures market LME copper surpassed 9,000 US dollars/ton on March 15, reaching 9074 US dollars/ton. Goldman Sachs pointed out that in a situation where demand is strong in China and supply continues to be limited, the copper market will gradually shift to a pattern of supply shortages. Continued supply shortages will support copper prices. It is expected that copper will rise to 10,000 US dollars per ton by the end of 2024.