The Zhitong Finance App learned that copper stocks had the highest increase. As of press release, Jiangxi Copper (00358) rose 6.88% to HK$32.3; Luoyang Molybdenum (03993) rose 6.33% to HK$15.8; Minmetals Resources (01208) rose 6.08% to HK$7.5; China Nonferrous Mining (01258) rose 5.26% to HK$12.4; Zijin Mining (02899) rose 3.86% to HK$30.68.
According to the news, recently, Luoyang Molybdenum Industry released a profit forecast. Bank of America Securities indicated that net profit attributable to shareholders is expected to be 15.5 billion to 16.5 billion yuan in the first half of 2026, an increase of 79% to 90% over the previous year. According to this estimate, net profit for the second quarter was about 7.7 billion to 8.7 billion yuan, up 64% to 85% year on year, and 0% to 13% month-on-month, and the performance was better than market expectations. At the same time, the bank is optimistic that the company is optimistic about copper price resilience, production growth, and valuation attraction. CITIC Securities pointed out that global copper capital expenditure has been insufficient for a long time, compounded by the increase in structural demand brought about by the transformation of new energy sources. The medium- to long-term upward trend in copper prices is clear, and the profit elasticity of leading domestic copper and aluminum companies is worth paying attention to.
Huayuan Securities said that copper prices remained volatile at a high level due to repeated disturbances in the geographical situation and expectations of interest rate hikes by the Federal Reserve. The short-term focus is on US CPI data. In the medium to long term, capital expenditure for copper mines is insufficient, and supply-side disturbances are frequent. The copper supply and demand pattern may shift from a tight balance to a shortage, and copper prices are expected to rise in the medium to long term. Changjiang Securities believes that the expectation of the Fed's interest rate hike eases and superimposed inventories continue to be removed, and the medium-term win rate for copper and aluminum commodities has increased markedly. Especially in the context of a complete end to the US-Iran conflict and a restart of the interest rate cut channel, sector valuation can be expected to be flexible.