Changes in Hong Kong stocks | Copper stocks rose slightly, switch tax concerns compounded by tighter supply and demand patterns, and copper reached a record high

The Zhitong Finance App learned that copper stocks opened slightly higher. As of press release, Jiangxi Copper (00358) rose 3.11% to HK$37.74; Minmetals Resources (01208) rose 2.58% to HK$9.36; China Nonferrous Mining (01258) rose 2.49% to HK$16.85; and Luoyang Molybdenum (03993) rose 2.02% to HK$16.7.

According to news, on the evening of September 7, the price of copper futures on the London Metal Exchange reached a record high, breaking the $14,530 per ton mark, surpassing the historical record set in January this year. Since this year, copper prices have risen 17%, and the increase in the past 12 months has been as high as 47%. This round of market is mainly driven by metal transfers caused by tariffs and the tightening pattern of copper supply and demand. The ANZ Group said that copper prices are expected to rise to a historical record early next year due to concerns related to US tariffs, mine supply problems, and strong global demand.

According to reports, since this year, traders have shipped hundreds of thousands of tons of copper to the US in an attempt to make use of the higher copper prices in the US market to make a difference. Currently, the market is still betting that the US may impose tariffs on refined copper. Meanwhile, copper exports from Chile, the world's largest copper producer, fell to their lowest level in more than a year in August due to the severe winter storm and the blockage of mine production. According to data released by the Bank of Chile on Monday, copper exports in August were 4.62 billion US dollars, down 14% from July and 3.2% year on year, the lowest level in a single month since July 2025.