HK Stock Market Move | Copper stocks continue recent upward trend. All three largest copper mines in the world are facing operational issues. Bank of America Securities raises copper price forecast for the next two years.

Copper industry stocks continued to rise in the near term. As of the time of publication, CHINFMINING (01258) rose by 4.78% to HK$14.02; CMOC Group Limited (03993) rose by 3.94% to HK$14.52; Zijin Mining Group (02899) rose by 3.82% to HK$31.54; JIANGXI COPPER (00358) rose by 2.82% to HK$27.7. Bank of America Securities released a research report stating that considering the current operational issues at the world's three largest copper mines, it is expected that actual production in the next two years will be lower than originally forecasted. The closure of just the Grasberg mine area could lead to a supply shortfall of 270,000 tons next year. Meanwhile, European demand is bottoming out and rising, Chinese demand is stabilizing, and the copper supply is under pressure. As a result, copper price forecasts for next year and 2027 have been raised to $11,313 and $13,500 per ton, respectively. The bank indicated that the target price for Zijin Mining Group has been raised from HK$31 to HK$37, and the target price for CMOC Group Limited has been raised from HK$14 to HK$16.5, both with a "buy" rating. The rating for Jiangxi Copper has been upgraded from "underperform" to "buy", with the target price increasing from HK$17 to HK$31. It believes that the company's self-produced copper concentrates, gold, and silver will benefit from rising prices, and recent government announcements to regulate copper, aluminum, and lithium smelting capacity policies may bring profit growth opportunities for Jiangxi Copper.