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H-shr Copper Miners Hit New Highs; BofAS Lifts Copper Price Forecasts; G Sachs Projects US$10K/ ton as 'New Bottom Line'
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Robust copper prices shored up H-shares of copper miners to new highs. CMOC (03993.HK) hit a record high of $17.05 this morning. It last traded at $16.9, up 3.74%, with a turnover of 36.3419 million shares, involving $607 million. ZIJIN MINING (02899.HK) set a record high of $35.82 this morning. It last stood at $35.22, up 2.74%, with a turnover of 58.0649 million shares, involving $2.037 billion. JIANGXI COPPER (00358.HK) once spiked 8.2% to a record high of $38.08. It last printed at $37.62, up 6.87%, with a turnover of $1.471 billion. MMG (01208.HK) notched a record high of $7.45. It last posted at $7.33, up 2.09%, with a turnover of $419 million. CHINFMINING (01258.HK) peaked at $16.02. It last printed at $15.86, up 4.48%, with a turnover of $237 million. Goldman Sachs had commented earlier that copper prices have very limited room to fall for investors, with US$10,000 becoming a solid “new bottom line”. While the broker was bullish on copper prices, it believed prices will be capped at US$11,000 over the next two years, as the copper market is currently in a slight surplus. Even with recent mine disruptions that have led to a plunge in global refined copper production, the surplus will remain in place until 2026. Previously, BofA Securities had pointed out that given the current operational problems of the world's three largest copper mines, actual production was expected to be lower than originally expected in the next two years. The suspension of production at Grasberg in Indonesia alone may prompt the supply gap to widen by 270,000 tons next year. At the same time, European demand has bottomed out and rebounded, whereas China's demand has stabilized. Copper supply faced pressure, and the copper price forecast for 2026 and 2027 was hence raised to US$11,313 and US$13,500 per ton respectively. AAStocks Financial News |
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