Changes in Hong Kong stocks | Copper stocks rose to the highest level in history, copper and New Zealand copper hit a record high, Fa Xing indicates that AI and tariffs are reshaping the logic of copper prices

The Zhitong Finance App learned that copper stocks had the highest increase. As of press release, Jiangxi Copper (00358) rose 10.3% to HK$40.04; China Nonferrous Mining (01258) rose 8.31% to HK$16.95; Luoyang Molybdenum (03993) rose 5.04% to HK$17.71; and Zijin Mining (02899) rose 4.48% to HK$38.7.

According to the news, diplomatic efforts have been made to ease concerns about the situation in Iran, and both the United Nations and New Zealand have reached a record high. UBS maintains a bullish view on copper and expects the price of copper to reach its target price of 15,500 US dollars/ton in the next few quarters. UBS expects the copper market gap to widen from 219,000 tons in 2026 to 379,000 tons in 2027.

According to a research report, AI investment, cross-market arbitrage, and US tariff policies are rewriting the copper price pricing logic. From February 2025 to August 2026, COMEX copper and LME copper rose 52% and 58% respectively, second only to gold, silver and petroleum products, making them one of the strongest performing commodities during the same period. Fa Xing believes that AI investment will eventually be transformed into physical copper demand brought about by data centers, power grids, and electrification, so LME copper is a purer target for expressing “AI-driven copper demand,” while COMEX is more influenced by the US macro and financial markets.