Investment Rating - The report maintains a "Positive" investment rating for the metal, non-metal, and mining industry [9]. Core Insights - The report highlights that December interest rate cut expectations have weakened, leading to fluctuations in copper and aluminum prices. The overall industrial metal prices have shown volatility, with domestic prices falling except for aluminum, while external prices have risen for all but copper and nickel. This is attributed to the realization of benefits from the October interest rate cut and US-China talks, alongside hawkish comments from the Federal Reserve that have dampened December rate cut expectations [1][4]. Summary by Sections Precious Metals - The report indicates that gold prices are stabilizing as the interest rate cut approaches, with recession trading remaining the core driver for gold price recovery. The report emphasizes that the current environment suggests gold prices are more likely to fluctuate rather than indicate a trend reversal. The focus is on the potential impact of domestic gold trading tax policies, which may increase the cost of physical gold holdings while stabilizing reserves [3][4]. Industrial Metals - The report expresses a long-term positive outlook for copper and aluminum. It notes that while short-term interest rate cut expectations have decreased, the medium to long-term economic stabilization outlook remains unchanged. The report highlights that supply adjustments in copper and aluminum since late September warrant attention, particularly the potential for overseas copper companies to reduce supply at year-end [5][6]. Energy and Minor Metals - The lithium sector is identified as entering a pivotal year, with demand for lithium expected to grow significantly by 2026 due to stable domestic power demand and the acceleration of solid-state battery industrialization. The report also discusses the strategic importance of rare earths and tungsten, noting that the long-term demand for rare earth materials is expected to recover due to traditional demand bottoming out and the acceleration of applications in humanoid robotics [6][7]. Market Performance - The report notes that the metal materials and mining sector has outperformed the broader market, with a 2.64% increase compared to a 0.11% rise in the Shanghai Composite Index. The energy metals sector has shown particularly strong performance, with a 4.99% increase [15][19].

Core Viewpoint - Minmetals Logistics has entered into a logistics service agreement with Khoemacau Copper for the transportation of copper concentrate from the Boseto processing plant, which is a subsidiary of the company [1] Group 1 - The logistics service agreement is set to commence on October 30, 2025 [1] - Minmetals Logistics is a subsidiary of China Minmetals, the ultimate controlling shareholder of the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） (股份代號：1208) 持續關連交易 KHOEMACAU 礦區物流服務協議 物流服務協議之主要條款載於下文。 - 1 - | 訂約方 | ： | (1) Khoemacau Copper | | --- | --- | --- | | | | (2) Minmetals Logistics | | 將購買之服務 | ： | 為 礦區 加工廠的銅精礦運輸提供海 Khoemacau Boseto | | | | 運及陸運、物流及運輸服務。 | | 年期 | ： | 為期十二個月，自二零二六年一月一日開始，並可選擇延 | | | | 長十二個月，另可再延長三個月（如有需要）以履行付款 | | | | 義務。 | | 交付內容 | ： | 為博茨瓦納西北地區 Khoemacau 礦區 Boseto 加工廠之 | | | | 銅精礦出口至中國 ...

Core Points - Minmetals Resources is facing an EU antitrust investigation regarding its $500 million acquisition of Anglo American's nickel assets in Brazil due to rejected remedial proposals [1][3] - The deal has raised concerns about potential supply disruptions of nickel to European customers, prompting both companies to propose a ten-year plan to supply nickel to Minmetals for resale in Europe [3] - The European Commission is expected to complete its preliminary review of the transaction by November 4, but has not yet sought feedback from competitors and customers on the proposed remedies [3] Company Actions - Both companies have stated they will continue to work closely with the European Commission to obtain approval for the transaction [3] - They have proposed safeguards to ensure customers continue to receive sustainably produced nickel, which they believe is the best option for clients [3] - The companies assert that the entry of Minmetals as a new supplier will enhance competition in the European market for nickel [3]

Core Viewpoint - Copper stocks have shown a recovery in early trading, with significant gains for several companies in the sector [1] Company Summaries - Jiangxi Copper Co., Ltd. (00358.HK) increased by 6.4%, reaching HKD 34.92 [1] - China Nonferrous Mining Co., Ltd. (01258.HK) rose by 4.99%, trading at HKD 14.72 [1] - Luoyang Molybdenum Co., Ltd. (03993.HK) saw a gain of 3.54%, priced at HKD 17.22 [1] - Minmetals Resources Ltd. (01208.HK) experienced a 3.06% increase, with shares at HKD 7.07 [1]

Core Viewpoint - Copper stocks are experiencing a rebound, driven by a significant increase in LME copper prices due to ongoing supply shortages from mines [1] Group 1: Market Performance - Jiangxi Copper Co. (00358) rose by 6.4% to HKD 34.92 - China Nonferrous Mining (01258) increased by 4.99% to HKD 14.72 - Luoyang Molybdenum (03993) gained 3.54% to HKD 17.22 - Minmetals Resources (01208) climbed 3.06% to HKD 7.07 [1] Group 2: Price Trends - LME copper prices reached a historical high of USD 11,146 per ton on Wednesday due to persistent supply shortages [1] - Citigroup forecasts that copper prices will reach USD 12,000 per ton in the first half of next year, with some institutions suggesting this milestone may be achieved even sooner [1] Group 3: Economic Factors - The market is closely monitoring the upcoming Federal Reserve interest rate decision, with expectations of a 25 basis point cut [1] - This potential rate cut is seen as a catalyst for easing US-China trade tensions [1] - Huafu Securities indicates that the ongoing expectation of Federal Reserve rate cuts will support copper prices in the short term, while long-term prospects remain positive due to increased investment and consumption [1]

Core Viewpoint - Copper stocks are experiencing a rebound, driven by a significant increase in LME copper prices due to ongoing supply shortages from mines [1] Group 1: Market Performance - Jiangxi Copper Co. (00358) rose by 6.4% to HKD 34.92 - China Nonferrous Mining (01258) increased by 4.99% to HKD 14.72 - Luoyang Molybdenum (03993) gained 3.54% to HKD 17.22 - Minmetals Resources (01208) saw a rise of 3.06% to HKD 7.07 [1] Group 2: Price Trends - LME copper price reached a historical high of USD 11,146 per ton, attributed to persistent supply shortages [1] - Citigroup forecasts copper prices to reach USD 12,000 per ton in the first half of next year, with some institutions suggesting this milestone may be achieved sooner [1] Group 3: Economic Factors - The market is closely monitoring the upcoming Federal Reserve interest rate decision, with expectations of a 25 basis point cut [1] - This potential rate cut may provide a catalyst for easing US-China trade tensions [1] - Huafu Securities indicates that the expectation of continued Fed rate cuts supports copper prices in the short term, while long-term prospects remain positive due to potential inflation from fiscal policies [1]

Group 1 - The core viewpoint of the article highlights that international copper prices have reached a new high, leading to a collective rise in Hong Kong copper stocks, with Jiangxi Copper Co. rising over 6% and other companies also experiencing significant gains [1] - The London Metal Exchange (LME) copper futures hit a historical high due to increasing global mining supply constraints, with copper prices rising 8.86% this month and 27.38% year-to-date, driven by production disruptions at major copper mines [1] - Mining giant Glencore has lowered its 2025 copper production forecast to 850,000 to 875,000 tons, down from a previous estimate of 850,000 to 890,000 tons, intensifying market concerns over supply tightness [1] Group 2 - Anglo American reported a 9% year-on-year decline in copper production for the first nine months of the year, indicating ongoing pressure on global mining supply [1] - Analysts from ANZ Bank noted that in addition to supply-side factors, the increase in European automobile sales also contributes positively to demand for copper [1] - The article provides specific stock performance data for various companies, including Jiangxi Copper Co. at 34.840 with a 6.15% increase, Minmetals Resources at 7.150 with a 4.23% increase, and others [1]

MMG Limited | 五礦資源有限公司 於香港註冊成立的有限公司 股份代號：1208 債券股份代號：5959 第三季度生產報告 截至二零二五年九月三十日止三個月 本公告根據香港聯合交易所有限公司證券上市規則（上市規則）第 13.09 條及香港法例第 571 章證券及期貨 條例第 XIVA 部內幕消息條款（定義見上市規則）發佈。 五礦資源有限公司（本公司或五礦資源）董事會（董事會）欣然提供截至二零二五年九月三十日止三個月的 第三季度生產報告。 隨文附奉該報告。 承董事會命 五礦資源有限公司 行政總裁兼執行董事 趙晶 香港，二零二五年十月二十一日 於本公告發佈之日，五礦資源有限公司董事會由八名董事組成，包括一名執行董事趙晶先生；三名非執行董 事徐基清先生（董事長）、張樹強先生及曹亮先生；及四名獨立非執行董事 Peter William CASSIDY 博士、 梁卓恩先生、陳嘉強 先生及陳纓女士。 本公告內容已於二零二五年十月二十一日以證券股份代號（股份代號：1208）刊發，而現時以債券股份代 號（債券股份代號：5959）重新刊發以供債券持有人參考。 香港交易及結算所有限公司與香港聯合交易所有限公司對本公告的 ...

Group 1 - The TC benchmark is significantly lowered in 2025, leading to relaxed mining costs and a notable increase in copper prices, with copper mine profits potentially maintaining a high level of 60% since 2024, despite a downward trend in copper mine supply growth [1] - The overall copper mine production growth for 2025 is expected to be around -0.12%, indicating a downward adjustment compared to early 2024 [1][2] - The high interference rate in global copper mining, combined with cautious expansion and high production costs, suggests that long-term growth may not be optimistic, with a projected growth rate of about 2% for 2026 [2] Group 2 - China's copper mine reserves account for only 4% of the global total, while its production share is 8%, highlighting an imbalance in extraction and resource scarcity, prompting companies to expand into resource-rich regions [3] - Chinese copper mining companies are increasingly extending their operations into Africa and South America through mergers, acquisitions, and joint ventures to bolster reserves amid high costs and resource protectionism [3] - Infrastructure development is continuously improving, enhancing production and transportation efficiency to achieve long-term cost reduction [3] Group 3 - Recommended companies to focus on include Zijin Mining (601899.SH), Minmetals Resources (01208), Luoyang Molybdenum (603993.SH), Jincheng Mining (603979.SH), and Western Mining (601168.SH) [4]