Hong Kong stocks concept tracking | The United States hoards copper in large quantities, depleting the global spot market. Institutions optimistic about copper prices reaching new highs (including concept stocks).

Overnight US stocks closed, COMEX (New York Commodity Exchange) copper futures still rose by over 2%, reaching $6.58 per pound within the day; LME (London Metal Exchange) copper futures prices also rose by nearly 2%, rising above $13800. As a sentiment factor stimulating the market, the US Department of Commerce is required to submit a latest copper market assessment report to Trump before June 30th, and give recommendations on whether the US should impose import tariffs on refined copper. Goldman Sachs analysts pointed out that US copper imports in the first half of 2026 far exceeded expectations, and it is expected that the US copper inventory accumulation for the whole year will be raised from 550,000 tons to 900,000 tons. Once this batch of copper enters US warehouses, it will be "locked" and will no longer flow to international markets such as LME. The London copper price reflects the price after further compression of global remaining supply. Goldman Sachs has therefore raised the supply gap forecast for the "outside the US" copper market from the previous 60,000 tons to a sharp increase of 640,000 tons, and the forecast for the gap in 2027 has also been raised from 40,000 tons to 170,000 tons. In addition to the emotional disturbance of US tariffs, analysts from Goldman Sachs and Citigroup also stated in their latest report that the prospects for mine supply are weakening, and continued demand from artificial intelligence and energy transition will continue to support copper prices. Goldman Sachs has raised its year-end copper price forecast by over 10%, from the previous estimate of $12,465 per ton to $13,735 per ton, citing weaker-than-expected global mine supply prospects and further tightening supply and demand relations outside the US market. Goldman Sachs has lowered its 2026 global copper mine supply growth expectation by 350,000 tons, as the Grasberg copper mine in Indonesia and the Kamoa-Kakula copper mine in the Congo have both experienced production disruptions, and both major mines are expected to return to full operation by 2028. Citigroup has raised its copper price forecast in the latest report, expecting copper prices to rise to $14,500 per ton this month, and reach $15,000 per ton within the next year. Hong Kong stocks related to copper resources: Zijin Mining Group (02899), CMOC Group Limited (03993), CHINFMINING (01258), MMG (01208), JIANGXI COPPER (00358)