HK Stock Market Move | Copper stocks lead the declines as tariff uncertainty combines with a weakening AI narrative; downward pressure on copper prices has not yet fully dissipated.

Copper stocks lead the declines. As of press time, CHINAGOLDINTL (02099) fell 4.43% to HK$172.7; JIANGXI COPPER (00358) fell 2.77% to HK$23.86; CHINFMINING (01258) fell 2.46% to HK$11.5; CMOC Group Limited (03993) fell 2.24% to HK$12.21. On the news front, the Democratic Party won control of both chambers of the new Congress in the US midterm elections, and trade-related measures may face more oversight, increasing the political resistance for the White House to advance refined copper tariffs. JPMorgan warned at the end of October that the market had already begun to focus on the risks that could arise from the prolonged delay in the implementation of US tariffs. If refined copper tariffs are not implemented for a long time, price premiums in some regions may gradually fade. China Great Wall pointed out that after the US midterm election results were settled, the market reassessed the outlook for AI capital expenditure, technology stocks fell sharply, heightening market concerns about the return on AI infrastructure investment and the pace of construction, and the earlier expectations for copper demand growth and price support weakened accordingly. In addition, the inventory-shifting stimulus brought by tariffs has faded significantly, and the market has begun to trade the negative feedback from tariffs being implemented below expectations or being implemented as scheduled. Overall, the downward pressure on copper prices has not yet fully dissipated.