Copper stocks surged in the afternoon. As of press release, Minmetals Resources (01208) rose 4.02% to HK$3.88; China Nonferrous Mining (01258) rose 3.22% to HK$6.74; Jiangxi Copper (00358) rose 2.54% to HK$16.12; and Zijin Mining (02899) rose 1.61% to HK$17.64.
The Zhitong Finance App learned that copper stocks rose sharply in the afternoon. As of press release, Minmetals Resources (01208) rose 4.02% to HK$3.88; China Nonferrous Mining (01258) rose 3.22% to HK$6.74; Jiangxi Copper (00358) rose 2.54% to HK$16.12; Zijin Mining (02899) rose 1.61% to HK$17.64.
According to the news, the main contract of Shanghai Copper rose by more than 2% in the intraday period, approaching 78,500 yuan/ton; the main contract for international copper reached 70,000 yuan/ton, the first time since October 2021, with an intraday increase of nearly 2.5%. Goldman Sachs said that as an unprecedented shortage of ore affects the refined copper market, the bank expects copper prices to soar to around 12,000 US dollars per ton in the first quarter of next year.
CITIC Securities pointed out that copper prices have continued to rise since March 2024, and recently surpassed 9,500 US dollars/ton. Looking forward to the future, CITIC Securities believes that the copper supply and demand pattern may turn into a shortage as the mining side continues to be tight and production cuts on the smelting side are expected to be implemented, and the time point of the active inventory replenishment cycle at home and abroad is approaching. In terms of financial attributes, copper's trading logic transitioned from previous interest rate cut expectations to inflation expectations, providing support for copper prices in terms of demand and cost.