HK Stock Market Move | Copper stocks lead the decline, the probability of reopening the Panama Cobr copper mine is high, and the market is paying attention to US copper tariff policies.

Copper industry stocks lead the decline, as of the time of publication, CMOC Group Limited (03993) fell by 8.71% to HK$17.71; JIANGXI COPPER (00358) fell by 7.76% to HK$37.54; MMG (01208) fell by 5.8% to HK$7.79; Zijin Mining Group (02899) fell by 5.06% to HK$30.02. On the news front, during the Dragon Boat Festival, the final environmental audit report of the Panama Cobre Panama copper mine was released, with an overall compliance rate of 88%. The Ministry of Environment in Panama stated that there was no fundamental environmental damage, and the probability of the restart of the Panama Cobre Panama copper mine is high. It is expected to be a bearish factor for copper in the medium term, but not enough to completely change market expectations. In addition, the US Department of Commerce will submit the latest copper market assessment report by June 30, providing recommendations on whether the US should impose import tariffs on refined copper. Zhongtai pointed out that the market expects the US to decide to gradually raise tariffs on refined copper by 15% starting from 2027, and then to 30% in 2028. The bank believes that against the backdrop of continued differentiation between US and global copper inventories, the global copper supply and demand are expected to remain in a tight situation in the medium term.