Pre-market trend | CHINFMINING (1258.HK) surged over 4% on May 7, are resource stocks back in action?

Yesterday, China Nonferrous Mining's stock price surged by 4.46%, with a trading volume reaching HKD 260 million, clearly indicating a pattern of rising volume and price. The MACD daily bullish signal has strengthened, and short-term momentum indicators are diverging upwards, which is typically interpreted by the market as a precursor to the initiation of a phase of main upward trend. On the market, the stock opened high and maintained a strong performance throughout the day, with no significant profit-taking observed at the close, highlighting the characteristics of bullish control. On the news front, the recent continuous rise in copper prices has become the biggest driving force. Zijin Mining rose by 2.31% yesterday, MMG surged by 7.32%, and CMOC increased by 2.61%, with the non-ferrous metal sector showing strong performance across the board, creating a powerful linkage effect. Although the news of the U.S. and Iran nearing a ceasefire memorandum has temporarily suppressed oil prices, industrial metals like copper benefit more from the global manufacturing recovery expectations and the long-term demand growth brought about by the energy transition. At the same time, China's steady growth policies continue to be reinforced, with infrastructure and power grid investments providing rigid support for copper demand. Resource stocks are being favored by funds outside of technology-focused stock selection funds during the ceasefire market. On the technical side, the current 5-day moving average is accelerating upwards, forming a bullish arrangement diverging upwards from the 10-day moving average, with the stock price effectively breaking through the recent consolidation platform. Trading volume has expanded to more than 1.5 times the average trading volume of the past 5 days, indicating a stronger influx of funds than typical rebounds. Within the sector, MMG and Zijin Mining are both strengthening simultaneously, forming a collective breakthrough in the copper mining sector. The short-term trend is biased towards bullish, with good alignment of volume and price, and clear sector resonance