Zhi Tong Cai Jing·2025-11-05 07:09Core Viewpoint - Copper stocks have risen, driven by news of Glencore's plans to close its smelter and copper refining plant in Quebec, Canada, due to environmental issues and high renovation costs. This is expected to widen the supply-demand gap, leading to higher copper prices in the future [1] Group 1: Market Reaction - Jiangxi Copper (600362) shares increased by 3.42%, reaching HKD 30.88 [1] - China Nonferrous Mining (01258) shares rose by 2.27%, reaching HKD 13.57 [1] - Luoyang Molybdenum (603993) shares gained 1.75%, reaching HKD 15.72 [1] Group 2: Supply and Demand Dynamics - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new peaks by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - Domestic refined copper supply is anticipated to shrink due to raw material shortages and stable demand, leading to a moderate reduction in domestic inventory [1] Group 3: Future Price Projections - The global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to demonstrate upward elasticity, potentially exceeding USD 10,000 per ton [1] - The copper sector is recommended for investment opportunities based on these dynamics [1]