Copper stocks fell the most, as of press time, Chinfming (01258) fell 5.34%, to HKD 6.74; Jiangxi Copper (00358) fell 3.48%, to HKD 15.52; MMG (01208) fell 2.23%, to HKD 3.07.
According to the Zhitong Financial APP, copper stocks fell the most, as of press time, Chinfming (01258) fell 5.34%, to HKD 6.74; Jiangxi Copper (00358) fell 3.48%, to HKD 15.52; MMG (01208) fell 2.23%, to HKD 3.07.
China Securities Co.,Ltd. pointed out that the concentration of supply interference and Comex's forced warehouse pushing pushed the copper price to a new high of $11,104.5/ton, the new high copper price made the stage consumption extremely deteriorated, with the highest domestic inventory accumulated to 450,000 tons and LME inventory increased to 165,000 tons. Bullish sentiment weakened, and copper prices fell to around $9600/ton.
The bank pointed out that the downstream is gradually entering the off-season of consumption, supply disturbance has been fully priced in, and the short-term copper price lacks upward driving force, entering a relatively sluggish trading period. The logic of long-term weak supply and strong demand remains unchanged, and copper prices maintain an upward trend.