Movement Alert｜CMOC Rises 3.8% in Regular Trading, Copper Inventory Drawdown Exceeds Expectations as Molybdenum Prices Hit Near Three-Year High

Market Focus07-23

On July 23, CMOC rose 3.8% in regular trading, trading at HK$18.0 per share, with turnover of HK$366 million.

On the news front, Shanghai Futures Exchange copper inventories dropped sharply to 35,091 tonnes, representing a single-day decline of approximately 11.5%, with the pace of destocking exceeding market expectations and reinforcing the supply-demand tightness thesis, providing support for copper prices. Meanwhile, molybdenum prices are running at near three-year highs, with the strategic substitution of molybdenum for tungsten elevating the material's strategic importance, directly benefiting the company's molybdenum-tungsten operations.

On the fundamental side, the company previously disclosed expected H1 net profit attributable to shareholders of RMB 15.5 billion to 16.5 billion, representing year-over-year growth of 79% to 90%, driven primarily by copper product volume and price increases alongside the consolidation of its Brazilian gold mining business. Bank of America Securities maintains a Buy rating with a target price of HK$22, citing copper price resilience and production growth.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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