According to the Securities Times APP, copper stocks rebounded in the morning trading session, as of the time of publication, mmg (01208) increased by 7.69%, to HK$2.94; chinfmining (01258) increased by 5.23%, to HK$5.83; jiangxi copper (00358) increased by 4.89%, to HK$13.74; zijin mining group (02899) increased by 2.65%, to HK$17.02.

Zhongtai Securities stated that as the peak season comes to an end, the market is awaiting more incremental counter-cyclical policies. Except for aluminum supported by costs, prices of other commodities have generally weakened. With the backdrop of reshaping the long-term supply-demand structure, the space for further downward movement in bulk metal prices is limited. With simultaneous policy shifts domestically and abroad, the industry is expected to enter a prosperous cycle.

China Merchants Securities pointed out that as of Thursday, October 24, SMM's national copper social inventory decreased by 0.0096 million tons from the previous Thursday to 0.2196 million tons. Copper prices have not fallen significantly, with limited stimulus to spot consumption. Recent estimates indicate a higher import volume of copper arrivals, making it difficult for copper inventories to see a significant decline. Domestic copper consumption has shown signs of weakening despite the peak season. LME inventory decreased by 0.008 million tons, while COMEX inventory increased by 0.007 million tons. This week, the operating rate of SMM copper cable companies is 76.56%, down by 0.37 percentage points compared to the previous period, continuing to decline since mid-September. As we enter the annual negotiations for copper concentrate, next year's supply is clearly tight. Positive macro sentiment is expected to provide strong support for copper prices.