HK Stock Market Move | Copper stocks lead the decline, market AI worries rise again, short-term copper prices fluctuate under pressure.

The decline in the copper industry stocks leads the way, as of the press release, CHINFININING (01258) fell by 12.45% to 15.96 Hong Kong dollars; JIANGXI COPPER (00358) fell by 9.2% to 47.94 Hong Kong dollars; MMG (01208) fell by 8.71% to 10.38 Hong Kong dollars; CMOC Group Limited (03993) fell by 6.84% to 22.62 Hong Kong dollars. In terms of news, recently, Microsoft announced its second-quarter financial report showing that the company's capital expenditure soared to a historic high, while the sales growth of its cloud business slowed down, causing concerns among investors that its large-scale investment in artificial intelligence may take longer than expected to be effective. Galaxy Futures Market believes that after the rapid rise in gold and silver prices, copper prices followed relatively slowly, with disruptions in copper mining becoming the catalyst for this round of increase, reaching a high of 114,160 yuan/ton in the night market with emotional capital support. Later, due to the sharp decline in AI stocks such as Microsoft and Oracle, bullish funds quickly left the market, causing copper prices to retract all intraday gains, falling to a low of 104,550 yuan/ton. Guotai Haitong stated that macro sentiment adjustment combined with NVIDIA adjusting data center copper demand is putting pressure on short-term copper price fluctuations. However, copper mining supply remains tight, spot copper concentrate processing fees continue to decline, and the demand logic brought by AI and grid construction remains. Recently, the State Grid announced that fixed asset investment during the 14th Five-Year Plan period is expected to be 4 trillion yuan, an increase of 40% compared to the 13th Five-Year Plan period. At the same time, the trend of loose liquidity at home and abroad remains unchanged, providing strong support for copper prices.