Zhi Tong Cai Jing·2026-01-30 04:07Group 1 - Copper stocks experienced significant declines, with China Nonferrous Mining (01258) down 12.45% to HKD 15.96, Jiangxi Copper (600362) down 9.2% to HKD 47.94, Minmetals Resources (01208) down 8.71% to HKD 10.38, and Luoyang Molybdenum (603993) down 6.84% to HKD 22.62 [1] - Microsoft reported a record high in quarterly capital expenditures, while the growth rate of its cloud business slowed, raising investor concerns about the time required for AI investments to yield results [1] - The copper price initially surged to a domestic high of CNY 114,160 per ton but later fell to a low of CNY 104,550 per ton due to sell-offs triggered by declines in AI stocks like Microsoft and Oracle [1] Group 2 - The macroeconomic sentiment adjustment, combined with Nvidia's revision of data center copper demand, is expected to put short-term pressure on copper prices [1] - Despite the challenges, copper supply remains tight, with ongoing declines in copper concentrate processing fees, and demand from AI and power grid construction is still anticipated [1] - The State Grid has projected fixed asset investments of CNY 4 trillion during the 14th Five-Year Plan, a 40% increase compared to the previous plan, which supports copper demand [1]