Changes in Hong Kong stocks | Copper stocks continue to decline recently, US tariffs are expected to drop, COMEX-LME copper price spread falls to zero

The Zhitong Finance App learned that copper stocks continued their recent decline. As of press release, Jiangxi Copper (00358) fell 4.94% to HK$22.72; Luoyang Molybdenum (03993) fell 4.71% to HK$11.54; Minmetals Resources (01208) fell 4.10% to HK$6.55; and China Nonferrous Mining (01258) fell 3.19% to HK$10.94.

According to the news, the Comex-LME copper price gap repair fell to around 0 US dollars/ton. Everbright Futures released a research report saying that the issue of US copper hoarding copper is unresolved, the Comex-LME copper price spread is no longer attractive for trade arbitrage, and LME's US inventory has begun to increase. Taken together, short-term copper prices are affected by macroeconomics, but in the medium term, copper prices are expected to continue to fluctuate and weaken. The core contradiction is the game between “overseas AI and America's copper-hoarding narrative” and fundamental support under “extremely low domestic inventories+extreme rise.”

Notably, investors have become more cautious about the AI boom as markets worry that the Democrat-controlled Congress may slow the pace of AI investment and data center expansion. Goldman Sachs said that after the US midterm elections, its 2027 copper price forecast of $15,400 per ton faced a downside risk due to AI-related capital positions and lower US tariff expectations.