According to the Zhitong Finance APP, copper stocks fell broadly in the morning session. As of the time of publication, MMG (01208) fell by 4.21% to HKD 2.73; CMOC Group Limited (03993) fell by 4.09% to HKD 5.63; Zijin Mining Group (02899) fell by 3.46% to HKD 15.06; JIANGXI COPPER (00358) fell by 1.98% to HKD 12.88.

In news, at the beginning of December, Chilean miner Antofagasta reached an agreement with JIANGXI COPPER to set the copper concentrate processing and refining fees (TC/RC) for 2025 at USD 21.25 per ton and 2.125 cents per pound, significantly lower than USD 80 per ton and 8 cents per pound in 2024, a decrease of 73.4% year-on-year. Guosen pointed out that the long-term processing fees for copper concentrate have hit a record low, putting pressure on copper smelting profits; strict control of new copper smelting capacity is beneficial for future pattern improvement.

Southwest Futures indicated that negotiations for long-term copper concentrate contracts are ongoing; domestic smelting enterprises have completed concentrated maintenance, coupled with the release of new capacity, this month's electrolytic copper production has increased to around one million tons, and imported copper continues to flow in. Year-end consumption is unlikely to show impressive performance, but pre-holiday stocking and export rush actions can provide some consumer support, while domestic copper inventory continues to decrease. The driving effect of domestic policy expectations has faded, causing a slight retreat in the copper price running focus.