Hong Kong stock concept tracking | First Breakthrough $12,000! International copper prices hit record high Citigroup sees rising to $15,000 attached concept stocks

On Tuesday, amid trade tensions, supply shortages, and optimistic outlook on long-term demand, London copper futures, which have been rising continuously for nearly a month, broke through $12,000 per ton, with the key industrial metal expected to achieve its largest annual increase since 2009. Investors typically view copper as a barometer of global industrial activity. Currently, the market widely expects that as traders rush to beat potential tariff policies and ship more copper to the United States, copper prices will continue to rise. Analysis indicates that the recent rise in copper prices is mainly driven by supply and demand imbalances, trade frictions, and strong demand from the new energy and AI industries. Copper prices have been steadily climbing in recent months, with increasing concerns in the market about tightening global supply. Mines in the Americas, Africa, and Asia have successively shut down, leading to a significant supply gap. Deutsche Bank has warned that the production of the largest mining companies globally is expected to decrease by 3% this year, and may continue to decline by 2026. The bank's analysts stated in a report, "2025 is a year of severe supply constraints, with several large mines facing significant operational challenges." Overall, the market is considered to be in a clear state of supply shortage. Another factor contributing to the rise in copper prices is the metal rush triggered by Trump's tariffs. To avoid potential import tariffs, traders are transferring large amounts of physical copper to the United States, further diverting available stocks from other regions globally. US-based Kingenta Ecological Engineering Group is "hoarding" copper resources. Hedge funds and traders, leveraging the significant premium advantage in the New York futures market, are directing a continuous flow of global physical copper into US warehouses. As of now, the US has locked in excess copper inventory of 720,000 tons. Additionally, the strategic importance of copper in energy transition is becoming increasingly prominent, with investments in grid construction, data center construction, and other sectors maintaining high growth rates, further increasing demand for copper. The use of copper in the power cables of a 10-megawatt medium-sized AI data center can reach hundreds of tons, while the copper usage for electric vehicles is around 80 kilograms, far exceeding traditional fuel vehicles. The demand for copper in the global new energy vehicles, photovoltaic, wind power, and artificial intelligence industries is expected to reach 3.8 to 4 million tons this year. Several Wall Street institutions expect copper prices to continue to rise strongly in the future. Goldman Sachs, JPMorgan Chase, Citigroup, and other institutions are optimistic, with Citigroup believing that in a "bull scenario" where the dollar weakens and the Fed continues to cut interest rates, copper prices may reach $15,000, prompting investors to enter the market more aggressively. CITIC Securities stated that looking ahead to next year, the dual narratives of "US copper hoarding" and "domestic production reduction" are expected to resonate, with the supply gap expected to widen by 60%. It is expected that $12,000 will become a new starting point for copper prices. It is recommended to allocate resources to the copper sector. Related stocks: JIANGXI COPPER (00358): Jiangxi Copper, a leading copper smelter in China, with an annual cathode copper production capacity of 2.1 million tons, with copper business revenue accounting for more than 70%. On the evening of November 30, the company announced that it had submitted two non-binding cash offers to the board of SolGold Plc, a listed company on the London Stock Exchange, on November 23 and November 28, 2025 local time. The latest non-binding cash offer proposes to acquire all shares of the target company at a price of 26 pence per share (approximately RMB 2.43). Zijin Mining Group (02899): Zijin Mining Group's Tibet Ju Long copper mine phase II project is planned to be completed and put into operation by the end of 2025. This project is the core source of the company's future copper increment and will significantly enhance the company's copper supply capacity. The company achieved operating income of 254.2 billion yuan in the first three quarters, a year-on-year increase of 10.33%; and realized a net profit attributable to shareholders of listed companies of 37.864 billion yuan, a year-on-year increase of 55.45%. Copper business revenue accounted for 27.8% of the company's operating income in the first half of the year. CMOC Group Limited (03993): In the first three quarters of this year, CMOC Group Limited achieved operating income of 145.485 billion yuan; realized net profit attributable to shareholders of listed companies of 14.28 billion yuan, a year-on-year increase of 72.61%, reaching a historical high for the same period and surpassing the entire previous year. Among them, the net profit attributable to shareholders of listed companies in the third quarter was 5.608 billion yuan, a year-on-year increase of 96.4%. In the first three quarters, CMOC Group Limited produced 543,400 tons of copper, a year-on-year increase of 14.14%. Calculated by the mid-value of production volume guidance, the completion rate was 86.25%, reaching a historical high for the same period; and the copper sales volume was 520,300 tons, a year-on-year increase of 10.56%.