Understanding the Market | MCC Rises Over 7% as Copper Mine Supply Disturbances Reoccur; Company Shows Positive Progress in Copper Mine Development
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China Metallurgical Group's stock price rose over 7%, reaching HKD 2.36, with a trading volume of HKD 118 million. Due to a landslide incident at Freeport McMoRan's Indonesian subsidiary Grasberg mine, global copper prices surged significantly, exacerbating supply chain concerns. The company's copper mining development in Pakistan and Afghanistan is progressing positively, expected to yield substantial net profits. CITIC Securities pointed out that copper mining development is likely to be revalued, with copper prices entering an upward cycle influenced by supply-demand gaps and expectations of interest rate cuts by the Federal Reserve
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