Movement Alert｜MMG Falls 3.12% in Regular Trading, Rate Hike Expectations Weigh on Non-Ferrous Metals Sector

On July 28, MMG fell 3.12% in regular trading, trading at HKD 8.07 per share, with turnover of approximately HKD 37.68 million. The decline was primarily driven by rising expectations of a September Fed rate hike, which pushed the U.S. dollar index back above the 101 level and weighed on USD-denominated base metal prices.

Market data shows the probability of a September Fed rate hike has climbed above 80%, triggering broad-based weakness across the non-ferrous metals sector. Shanghai copper retreated from elevated levels as macro headwinds from tightening expectations compounded geopolitical uncertainties to drag on copper pricing. Within the Diversified Metals and Mining sector, CMOC fell 2.43%, Lygend Resources dropped 3.53%, Jiaxin International Resources declined 4.89%, and Ximei Resources lost 5.08%.

On fundamentals, MMG reported Q2 total copper production of 137,843 tonnes, up 8% quarter-over-quarter. The company maintained full-year production guidance and lowered C1 cash cost guidance for three mines. Morgan Stanley and BOIC both maintain positive ratings with target prices of HKD 11.70 and HKD 10.93 respectively, citing expected operational stability in the second half and Las Bambas output potentially reaching the upper end of guidance.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)