Zhi Tong Cai Jing·2025-09-29 03:23Core Viewpoint - Copper stocks continue to rise, driven by supply constraints and recovering demand, leading to upward revisions in price forecasts for copper [1] Group 1: Market Performance - As of the report, China Nonferrous Mining (01258) increased by 4.78% to HKD 14.02, Luoyang Molybdenum (603993) rose by 3.94% to HKD 14.52, Zijin Mining (601899) gained 3.82% to HKD 31.54, and Jiangxi Copper (600362) saw a 2.82% increase to HKD 27.7 [1] Group 2: Supply and Demand Dynamics - Bank of America reports operational issues at the world's three major copper mines, predicting actual production will fall short of previous expectations over the next two years [1] - The shutdown of the Grasberg mine alone could lead to a supply gap of 270,000 tons next year, while European demand is stabilizing and Chinese demand is steady [1] Group 3: Price Forecasts - The bank has raised its copper price forecasts for next year and 2027 to USD 11,313 per ton and USD 13,500 per ton, respectively, due to supply pressures [1] Group 4: Company Ratings and Target Prices - Zijin Mining's target price has been increased from HKD 31 to HKD 37, and Luoyang Molybdenum's target price has been raised from HKD 14 to HKD 16.5, both maintaining a "Buy" rating [1] - Jiangxi Copper's rating has been upgraded from "Underperform" to "Buy," with the target price soaring from HKD 17 to HKD 31, benefiting from rising prices of copper concentrate, gold, and silver [1]