Currently, the power transmission, AI computing cluster copper cable high-speed interconnection systems, cooling systems, high-performance network equipment, and data center storage equipment of the large-scale AI data centers being aggressively built by Microsoft, Google, Amazon, and Meta, the parent company of Facebook, are highly dependent on copper. This structural new demand is gradually becoming a new demand growth engine for the copper market. Following the surge in copper prices from under $11,000 per tonne in late November 2025 to a record high of $13,387.50 per tonne on January 6th, the Wall Street giant Goldman Sachs has had to recalibrate its short-term outlook: it has significantly raised its copper price forecast for the first half of 2026 from $11,525 per tonne to $12,750 per tonne, citing the market's repricing of "scarcity premiums" and hoarding behavior—particularly the tension in commodity markets stemming from insufficient inventory coverage outside the United States. However, Goldman Sachs simultaneously emphasized that prices above $13,000 per tonne are difficult to sustain over the long term and maintained its cautious bearish forecast for LME copper prices in the fourth quarter of 2026 at $11,200 per tonne unchanged. On January 11th, CITIC Securities analysts Zhou Junzhi and Tian Yunnong published a research report stating that the recent performance of nonferrous metals, represented by copper and aluminum, has been very strong towards the year-end, with pricing reflecting the security of key strategic resources and unexpectedly loose monetary policy in the United States. CITIC Securities believes the essence of the nonferrous metals rally is the pricing in of the transition between the old and new global orders; therefore, copper will inevitably take over from gold and silver, and the copper rally is not yet over. $13,000 per tonne is not the endpoint for this round of copper prices, and they are optimistic about the risk-reward ratio for copper prices in 2026. Looking ahead, CITIC Securities analysis suggests that after reaching historical highs, copper prices have entered a phase of technical correction, facing short-term pressure from profit-taking and weak immediate fundamentals, but structural demand continues to provide strong support for prices. Hong Kong-listed copper mining companies include: CMOC (03993), ZIJIN MINING (02899), JIANGXI COPPER (00358), and MMG (01208). JINXUN RESOURCE (03636): Jinxun Resource is a leading manufacturer of high-quality cathode copper with a strong presence in the Democratic Republic of Congo (DRC) and Zambia. According to Frost & Sullivan data, as of December 31, 2024, the company ranked fifth among Chinese cathode copper producers by production volume in the DRC and Zambia, and was the only Chinese company ranked among the top five in both jurisdictions. CHINFMINING (01258): According to a company announcement, the repair work on the main and auxiliary shafts of the Southeast Ore Body at the Chambishi mine was completed in December 2025, with the results meeting expectations. The mine officially resumed production on January 1, 2026. The company expects total copper production in 2026 to be approximately 484,000 tonnes, comprising approximately 134,000 tonnes of cathode copper and approximately 350,000 tonnes of blister copper/anode copper. Affected by planned maintenance shutdowns at the Chambishi Copper Smelter and the Lualaba Copper Smelter, blister copper/anode copper production is expected to decline. Full-year production from owned mines is forecast to be approximately 155,000 tonnes of copper; approximately 900,000 tonnes of sulfuric acid; approximately 100,000 tonnes of liquid sulfur dioxide; and cobalt contained in cobalt hydroxide of approximately 600 tonnes.
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