HK Copper Stocks Surge as LME and COMEX Prices Hit Records

Copper stocks have led gains on the Hong Kong stock market, driven by record highs in London and New York copper prices. According to data, Jiangxi Copper Co., Ltd. (00358) was up 10.3% at HK$40.04, China Nonferrous Mining Group Co., Ltd. (01258) rose 8.31% to HK$16.95, Luoyang Molybdenum Industry Co., Ltd. (03993) gained 5.04% to HK$17.71, and Zijin Mining Co., Ltd. (02899) advanced 4.48% to HK$38.7.

The surge in copper prices is attributed to diplomatic efforts to ease concerns over the situation in Iran, which has pushed London and New York copper to record highs. UBS Group maintains its bullish outlook on copper, forecasting that prices will reach $15,500 per tonne in the coming quarters.

Société Générale's research report notes that AI-related investment, cross-market arbitrage, and U.S. tariff policies are reshaping the pricing dynamics of copper. The bank argues that AI-driven investment will translate into tangible demand for copper in data centers, power grids, and electrification.