HK Stock Market Move | Copper stocks lead the gains as London copper and New York copper both hit all-time highs. Socit Gnrale indicates that AI and tariffs are reshaping the logic of copper prices.

Copper stocks are among the top gainers; as of the time of writing, JIANGXI COPPER (00358) increased 10.3% to HKD 40.04; CHINFMINING (01258) rose 8.31% to HKD 16.95; CMOC Group Limited (03993) climbed 5.04% to HKD 17.71; and Zijin Mining Group (02899) grew 4.48% to HKD 38.7. On the news front, diplomatic efforts to alleviate concerns regarding the situation in Iran have led to historic highs for London and New York copper. UBS maintains a bullish outlook on copper, predicting that prices will reach their target of USD 15,500 per ton over the next few quarters. UBS forecasts that the copper market deficit will expand from 219,000 tons in 2026 to 379,000 tons in 2027. Socit Gnrale's research report indicates that AI investment, cross-market arbitrage, and U.S. tariff policies are rewriting the pricing logic of copper. From February 2025 to August 2026, COMEX copper and LME copper are expected to rise by 52% and 58%, respectively, second only to gold, silver, and petroleum products, making them among the best-performing commodities during this period. Socit Gnrale believes that AI investment will ultimately physical copper demand resulting from data centers, power grids, and electrification; therefore, LME copper serves as a purer instrument to express "AI-driven copper demand," while COMEX is more influenced by U.S. macroeconomic and financial markets.