HK Stock Market Move | Copper stocks extend losses as labor risks at Chile's two major copper mines are resolved one after another; U.S. copper tariffs remain undecided

Copper stocks extend losses. As of press time, CHINFMINING (01258) fell 5.22% to HK$12.71; CMOC Group Limited (03993) fell 4.40% to HK$13.05; MMG (01208) fell 4.08% to HK$7.165; JIANGXI COPPER (00358) fell 3.90% to HK$29.08. On the news front, on October 13, the already-striking Centinela copper mine restarted voluntary mediation; on October 14, the No. 2 union at Escondida, the world's largest copper mine, briefly announced a strike for the day after mandatory mediation failed, and BHP reached a preliminary agreement with it at the last minute. BOCI pointed out that the extreme scenario of the world's largest copper mine and a core mine both being in crisis at the same time was quickly resolved within the same week, and the supply disruption premium previously priced in faces a concentrated giveback. GF Futures said that the market's previous mainstream expectation was that the U.S. would announce the results of its electrolytic copper import tariff policy by the end of September, but as of mid-October, the policy was still pending. Expectations for U.S. tariff increases have eased, and LME copper prices paused their rally after hitting a record high. The bank noted that the reason the U.S. copper tariff policy has yet to be clarified may lie in the difficulty of achieving the policy's goal of "promoting the rebuilding of U.S. smelting capacity."