According to Zhitong Finance APP, copper stocks continue their recent upward trend. As of the time of publication, China Nonferrous Mining (01258) rose 4.78% to HKD 14.02; Luoyang Molybdenum (03993) rose 3.94% to HKD 14.52; Zijin Mining (02899) rose 3.82% to HKD 31.54; and Jiangxi Copper (00358) rose 2.82% to HKD 27.7.
Bank of America Securities released a research report stating that considering the operational issues currently faced by the three major copper mines globally, actual production is expected to be lower than previously anticipated in the next two years. The shutdown of the Grasberg mine alone could lead to a supply gap of 270,000 tons next year. Meanwhile, European demand is bottoming out and recovering, and Chinese demand is stabilizing, putting pressure on copper supply. Consequently, the copper price forecasts for next year and 2027 have been raised to USD 11,313 per ton and USD 13,500 per ton, respectively.
The bank stated that it has raised the target price for Zijin Mining from HKD 31 to HKD 37, and for Luoyang Molybdenum from HKD 14 to HKD 16.5, maintaining a &#34;Buy&#34; rating. Additionally, it upgraded Jiangxi Copper's rating from &#34;Underperform&#34; to &#34;Buy,&#34; with the target price raised from HKD 17 to HKD 31, believing that its self-produced copper concentrate, gold, and silver can benefit from price increases. Furthermore, the government's recent announcement to regulate copper, aluminum smelting, and lithium production capacity policies may provide Jiangxi Copper with profit upside potential

600362

00358

603993

03993

01258

601899

02899

Copper stocks continue to rise, with CHINFMINING up 4.78%, CMOC up 3.94%, ZIJIN MINING up 3.82%, and JIANGXI COPPER up 2.82%. Bank of America Securities has raised its copper price forecast for the next two years to USD 11,313 per ton and USD 13,500 per ton due to operational issues at the world's three major copper mines, and has adjusted the target prices and ratings for several copper companies

Zhitong

JCCL

JIANGXI COPPER

CMOC

CHINFMINING

Zijin Mining

ZIJIN MINING

Understanding the Market | Copper stocks continue recent upward trend as the three major copper mines globally face operational issues; Bank of America Securities raises copper price forecast for the next two years