According to the Zhitong Finance app, Jinchuan Intl (02362) rose more than 9% during trading, rising 4.82% to $0.87 Hong Kong dollars, with a turnover of HKD 25.47 million.

According to a research report by China Post Securities, changes in copper and cobalt prices are the main factor affecting Jinchuan Intl's performance. The company has rich resource reserves and the Ruashi Mine/Kinsenda Mine are the company's block orders mines in production, with relatively stable production. The Musonoi project is the company's under-construction mine, and the main project engineering is basically completed. According to relevant reports, after the Musonoi mine is put into operation, it can bring 38,000 tons of copper production and 7,800 tons of cobalt production capacity, which will be the company's main driving force for future growth.

The bank pointed out that since 2024, the supply of copper has been continuously tight, and the shortage of ore has been transmitted to the smelting end. The TC/RC processing fee has fallen to a historic low, and smelters have suffered large-scale losses. The central copper price has continued to rise. Considering the future demand for green energy transformation, the expected supply-demand gap will widen in the next three years. In addition, the recovery of the domestic and foreign macro environment will boost the rise in copper prices. The main downstream new energy autos of cobalt are growing rapidly, and the supply side includes Luomu, Jinchuan Co., Ltd., and Indonesia nickel mine projects, etc. The cobalt market will maintain a state of oversupply.