HK Stock Market Move | Copper industry stocks collectively rose. CMOC Group Limited (03993) and CHINFMINING (01258) both increased by more than 7%.

The copper industry collectively rose, as of the time of publication, CMOC Group Limited (03993) rose by 7.26% to HK$18.61; CHINFMINING (01258) rose by 7% to HK$14.22; MMG (01208) rose by 4.65% to HK$9.23; CHINAGOLDINTL (02099) rose by 4.33% to HK$158.9; JIANGXI COPPER (00358) rose by 4.09% to HK$36.68. In terms of news, it was reported that the Chilean National Copper Commission raised its average copper price forecast for 2026 to $5.55 per pound, and predicted that the copper price for 2027 will remain high at $5.10 per pound, due to strong global demand and tight supply. In addition, the Chilean National Copper Company (Codelco) admitted to errors in production data, leading to its actual copper production in 2025 falling to its lowest level since 1998. Previously, the Peruvian Energy Crisis Law came into effect on May 11, with its core principle being prioritizing electricity for domestic use over industrial/mining use, although it has not yet had an impact on mining development, concerns about supply disruptions persist in Peru, the world's second largest copper producing country. CITIC SEC believes that with the delay of the Freeport Indonesia project and the comprehensive downward revision of production guidance for 2026-2027, the expected global major copper mining companies' production in 2026 has officially entered a decline, and potential impacts of extreme weather may bring about further supply disruptions. It is expected that the recent stronger-than-expected destocking domestically will demonstrate a solid supply-demand logic and the weakening of macro pressures will help copper prices stabilize at US$13,000/ton in the 2Q26, with the potential for copper prices to challenge previous highs due to the supply-demand gap. The copper sector is seen as having a favorable opportunity for profit elasticity and valuation elasticity resonance.