--- title: "JPM Remains Positive on Copper Miners, Continues to List ZIJIN MINING as Top Pick" type: "News" locale: "en" url: "https://longbridge.com/en/news/295197706.md" description: "JPMorgan maintains a positive outlook on copper miners, keeping Zijin Mining as its top pick with an Overweight rating and HKD50 target price. Despite the DRC's export ban on copper and cobalt concentrates, JPM argues the impact is limited due to companies' integrated smelting capacities. The broker highlights US tariffs as a stronger price driver than the DRC windfall tax, which could reduce net profits by ~RMB1 billion." datetime: "2026-08-07T07:54:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295197706.md) - [en](https://longbridge.com/en/news/295197706.md) - [zh-HK](https://longbridge.com/zh-HK/news/295197706.md) generator: "portal-rs" --- # JPM Remains Positive on Copper Miners, Continues to List ZIJIN MINING as Top Pick JPM released a research report stating that the Democratic Republic of the Congo has announced an export ban on copper concentrate and cobalt concentrate. The broker believes that although assets in the Democratic Republic of the Congo account for about 14%, 25% and 100% of forecast 2026 copper output for MMG (01208.HK) +0.070 (+0.760%) Short selling $15.06M; Ratio 6.515% , ZIJIN MINING (02899.HK) +1.200 (+3.399%) Short selling $179.31M; Ratio 14.374% and CMOC (03993.HK) +0.270 (+1.435%) Short selling $111.13M; Ratio 19.947% , respectively, the actual policy impact should be limited because the ban targets exports of copper concentrate, while the major assets of these companies in the Democratic Republic of the Congo all have integrated smelting capacity, with main products being blister copper, anode copper and cathode copper rather than concentrates. JPM added that exports of copper concentrate from the Democratic Republic of the Congo had already been subject to licensing restrictions, so the incremental impact on short-term global copper supply should be limited. If copper prices remain elevated, the Democratic Republic of the Congo's windfall tax on copper would have a more significant direct impact on miners' profitability. Based on a spot copper price of USD14,168 per tonne, the broker estimated that the impact of the windfall tax on net profit after tax for the relevant companies would be about RMB1 billion. The broker maintained a positive view on copper mining stocks, believing that potential US tariffs are a stronger driver for share prices. It maintained ZIJIN MINING (02899.HK) +1.200 (+3.399%) Short selling $179.31M; Ratio 14.374% as its top pick with an Overweight rating and a TP of HKD50; CMOC (03993.HK) +0.270 (+1.435%) Short selling $111.13M; Ratio 19.947% and MMG (01208.HK) +0.070 (+0.760%) Short selling $15.06M; Ratio 6.515% were both rated Overweight with TPs of HKD25 and HKD13, respectively. (gc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-07 12:25.) ### Related Stocks - [02899.HK](https://longbridge.com/en/quote/02899.HK.md) - [601899.CN](https://longbridge.com/en/quote/601899.CN.md) - [JPM.US](https://longbridge.com/en/quote/JPM.US.md) - [01208.HK](https://longbridge.com/en/quote/01208.HK.md) - [03993.HK](https://longbridge.com/en/quote/03993.HK.md) - [603993.CN](https://longbridge.com/en/quote/603993.CN.md) - [JPM-M.US](https://longbridge.com/en/quote/JPM-M.US.md) - [JPM-C.US](https://longbridge.com/en/quote/JPM-C.US.md) - [JPM-D.US](https://longbridge.com/en/quote/JPM-D.US.md) - [JPM-L.US](https://longbridge.com/en/quote/JPM-L.US.md) - [8634.JP](https://longbridge.com/en/quote/8634.JP.md) - [JPM-K.US](https://longbridge.com/en/quote/JPM-K.US.md) - [JPM-J.US](https://longbridge.com/en/quote/JPM-J.US.md) ## Related News & Research - [Zijin Mining Group GAAP EPS of RMB1.435](https://longbridge.com/en/news/297007724.md) - [ZIJIN MINING Interim Net Profit Up 68.2% YoY to RMB39.17B; Interim DPS RMB4.2 per 10 Shares](https://longbridge.com/en/news/296702271.md) - [Zijin Mining Delivers Strong Profit Surge in First Half of 2026](https://longbridge.com/en/news/296702519.md) - [COMEX Copper Rises 1.8%, Nearing $15,000 Mark: Will It Keep Rising?](https://longbridge.com/en/news/297018481.md) - [Fitzroy Minerals targets Buen Retiro copper production start in 2028, presentation shows](https://longbridge.com/en/news/296864399.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**