HK Stock Market Move | JIANGXI COPPER (00358) fell more than 6% due to tariff expectations causing a significant copper price correction. Goldman Sachs expects limited short-term upside potential for copper prices.

JIANGXI COPPER (00358) fell more than 6%, dropping by 6.15% to HK$34.18 as of the time of publication, with a trading volume of HK$1.313 billion. On the news front, the threat of US tariffs has reemerged. On October 10th, President Trump announced on social media that the United States will impose an additional 100% tariff on Chinese goods starting from November 1st, and will also impose export controls on key software. The news has had a significant impact on copper prices both domestically and internationally. On Friday night, Shanghai copper fell by 4.5%, while LME copper dropped by 4.5%. Hualliance Futures believes that as an essential raw material for the new economy, strong demand will continue to drive copper prices in the long term. The current correction in the short term due to negative news is actually a good opportunity to buy in the medium to long term. Goldman Sachs, on the other hand, points out that the short-term price upside potential for copper is limited to $11,000 per ton, although they are bullish on copper prices in the long term, they believe that the market will remain oversupplied in the short term, limiting the potential for price increases.