Changes in Hong Kong stocks | Most copper stocks are rising, US imports are tightening, global supply agencies say the copper price center is expected to rise steadily

The Zhitong Finance App learned that most copper stocks were higher. As of press release, China Gold International (02099) rose 8.26% to HK$196.2; Minmetals Resources (01208) rose 5.75% to HK$9.01; China Nonferrous Mining (01258) rose 4.29% to HK$15.81; and Jiangxi Copper (00358) rose 4.51% to HK$37.08.

According to the news, US imports are tightening global supply, and LME three-month copper has broken the 14,000 US dollar mark for the first time since June 3. According to reports, refined copper is pouring into the US at the fastest rate in 12 years. In July, the US reached Hong Kong to refine more than 200,000 tons of copper in a single month, a record high since shipping records were set. The analysis points out that currently the US is mainly hoarding copper due to distortions in trade flow driven by both tariff policy expectations and cross-market arbitrage, compounded by the continuous rise in the strategic value of copper.

Furthermore, China's copper reserves have declined rapidly over the past 3 months. Currently, copper warehouse receipts in the previous period have fallen back to about 70,000 tons, a new low of more than two years, shrinking by more than 80% from the high of 430,000 tons in March. According to the Goldman Sachs report, the copper supply gap in markets outside the US will skyrocket from 60,000 tons to 640,000 tons, and the inventory period will be less than 10 days. Everbright Securities believes that in the medium to long term, new copper projects are scarce, while demand continues to grow driven by AI data centers, electric vehicles, and power grid upgrades. The gap between supply and demand is widening year by year, and the copper price center is expected to rise steadily.