Copper stocks had the highest gains. As of press release, Minmetals Resources (01208) rose 4.07% to HK$4.09; China Nonferrous Mining (01258) rose 3.07% to HK$7.04; and China Gold International (02099) rose 1.57% to HK$48.6.
The Zhitong Finance App learned that copper stocks had the highest gains. As of press release, Minmetals Resources (01208) rose 4.07% to HK$4.09; China Nonferrous Mining (01258) rose 3.07% to HK$7.04; China Gold International (02099) rose 1.57% to HK$48.6; Jiangxi Copper (00358) rose 0.49% to HK$16.38.
According to news, on April 18, the main contract for Shanghai Copper futures rose, reaching an intraday high of 78,920 yuan/ton, a new high since 2006. By the close, Shanghai Copper futures closed at 78,780 yuan, an intraday increase of more than 2% to 2.79%. Since March, the overall increase in Shanghai copper futures has exceeded 14%. Goldman Sachs expects a “very serious” gap in refined copper supply in 2024, and copper prices will soar to around $12,000 per ton in the first quarter of next year.
CITIC Securities pointed out 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 is approaching when 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. It is recommended to allocate the domestic copper sector according to the dimensions of “growth, value and combination”.