Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong copper stocks driven by record-high LME copper prices, which reached $11,540 per ton, influenced by a weaker dollar, supply concerns, and tight LME registered warehouse supplies [1] - Major copper stocks such as China Molybdenum and Zijin Mining saw increases of up to 6%, while Jiangxi Copper and China Nonferrous Mining rose over 4% [1] - JPMorgan remains optimistic about copper prices and copper stocks due to a structural supply-demand gap supporting upward trends, with Zijin Mining and China Molybdenum being preferred choices due to profit growth and diversified asset layouts [1] Group 2 - The report anticipates zero growth in global mining supply by 2025, with a slight recovery of only 1.4% in 2026 [1] - The Chinese copper raw material negotiation group has decided to reduce copper mine capacity utilization by over 10% in 2026, increasing supply downside risks [1] - Although Chinese copper demand is expected to slow due to high prices, downstream procurement will continue based on demand [1] - A projected global refined copper deficit of approximately 330,000 tons is expected in 2026, with Zijin and China Molybdenum's profits expected to grow by 30% and 17% respectively, while Jiangxi Copper's profit growth is forecasted at 10% [1][3]
五矿资源等港股铜概念股：LME铜价创新高，2026年缺口约33万吨