HK Stock Market Move | Copper stocks show strong performance, Affinex Rio Tinto Mining reduces copper production guidance, expectations of US-Iran ceasefire stimulate copper price rebound.

Copper stocks are performing strongly. As of the time of writing, JINXUN RESOURCE (03636) rose by 23.96% to 26.7 Hong Kong dollars; MMG (01208) rose by 8.45% to 7.83 Hong Kong dollars; CHINFMINING (01258) rose by 7.31% to 12.33 Hong Kong dollars; JIANGXI COPPER (00358) rose by 5.34% to 35.92 Hong Kong dollars. On the news front, Ivanhoe Mines has lowered its production guidance for the Kamoa-Kakula copper mine complex in the Democratic Republic of the Congo (DRC), following a water ingress incident at the mine last year. The current production expectations for 2026 have been reduced to 290,000-330,000 tonnes, and for 2027 to 380,000-420,000 tonnes, both lower than previous forecasts. It is worth noting that the recent rise in oil prices has led to market expectations of lower global economic growth, as well as concerns about inflation leading to rate hikes, suppressing the financial attributes and causing copper prices to fluctuate. Both the US and Iran have indicated signs of stopping operations recently. Oil prices fell sharply in the afternoon today, leading to a rebound in copper prices. EB SECURITIES previously pointed out that the tight supply situation for copper in 2026 remains unchanged, and is optimistic about the future upward trend in copper prices.