Copper stocks experienced a collective rise in Hong Kong trading. At the time of writing, CHINFMINING (01258) was up 5.6% at HKD 15.83, MMG (01208) increased by 4.19% to HKD 10.69, CDAYENONFER (00661) rose 4.65% to HKD 0.18, and JIANGXI COPPER (00358) gained 3.8%, trading at HKD 46.94. A research report from Citi indicated a positive short-term view on copper prices, projecting they could reach $14,000 per tonne within the next three months. While pinpointing exact price movements is challenging, the bank believes the short-term risk-reward profile leans bullish, anticipating investor buying on dips. This outlook is further supported by post-Lunar New Year inventory restocking within Chinese supply chains. Citi sees limited downside risk for copper prices, instead favoring upside potential. This optimism stems from market confidence in cyclical growth for copper, alongside factors like de-dollarization, currency depreciation, and resource security, which are driving increased allocations to physical assets. Additionally, the potential for further supply disruptions is seen as a contributing factor for price increases. Previously, Goldman Sachs noted that following a rebound in the metals market in 2025, most commodities continued their strong, albeit volatile, performance into early 2026. The firm suggested that ongoing investor portfolio adjustments could maintain elevated prices for certain metals, such as copper, leading to a structural premium. Driven by rising macroeconomic and geopolitical risks, the willingness of investors to diversify into hard assets has become a key driver of the current commodity market trend.
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