Benefiting from the sustained strength of international copper prices, some Hong Kong-listed copper mining stocks once surged, with Jinchuan Group International Resources Co. Ltd. rising over 7% at one point.
As of press time, Jinchuan Group International Resources Co. Ltd. (02362.HK) rose 3.03%, China Nonferrous Mining Corporation Limited (01258.HK) rose 2.04%, Jiangxi Copper Corporation Limited (00358.HK) rose 1.83%, and MMG Limited (01208.HK) rose 1.67%.
On the news front, copper futures prices on the New York Mercantile Exchange (COMEX) continued to soar, with the most-traded contract hitting a high of $5.3285/lb during the session, breaking the historical high set in May last year.
As of press time, COMEX copper futures rose 1.11% to $5.2685.
Note: The performance of COMEX copper futures
Previously, legendary metal trader Kostas Bintas predicted that copper prices would surge to $12,000-$13,000/mt, a more than 30% increase from current levels.
Institutions stated that tariffs stimulated the strength of copper prices
Goldman Sachs and Citigroup pointed out that the core driver of the copper price anomaly comes from the expected tariff policy of the Trump administration—the market widely expects the US to implement a 25% import tax on April 2, and traders are rushing to ship about 500,000 mt of copper to US ports before the tariff takes effect, causing regional supply imbalances.
Goldman Sachs believes that the 25% import tax will directly push up US copper prices to form a "price island," with the price spread between COMEX and LME breaking the historical extreme of $1,400/mt.
Citigroup calculated that if the tariff is implemented, the import cost of refined copper in the US will increase by $1,800/mt, forcing supply countries such as Chile to turn to the Asian market, exacerbating global trade flow disruptions.
Morgan Stanley predicts that global copper demand will grow by 6% in 2025 due to AI computing infrastructure and new energy transformation, while declining mine grades and insufficient capital expenditure will lead to a supply gap expanding to 10 million mt.
China Securities pointed out that the current copper concentrate TCs have fallen to -$15.92/mt (Note: Processing is at a loss), and smelting losses may trigger chain production cuts.
Guosheng Securities pointed out that Trump listed copper as a "national security critical resource," attempting to rebuild the local supply chain through tariffs, which gives copper prices a geopolitical risk premium similar to crude oil.
To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo ~
Over 3,000 industry elites, representatives of upstream and downstream enterprises in the copper industry chain, government department leaders, industry associations, third-party equipment, logistics and warehousing, and university research experts gathered together. The conference covers mines, smelting, copper processing, trade, recycling, end-use applications, and the entire copper industry chain.
At the conference site, more than 100 exhibition companies will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, new-type copper-based materials, and other latest cutting-edge achievements in the copper industry, fully demonstrating the innovation and vitality of the copper industry.
The conference activities are exciting: the main forum focuses on global copper market trends, raw material supply, analyzes policy impacts, and interprets market trends. Sub-forums delve into industry hot topics around electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, ESS, and other segmented fields; during the conference, there will also be a 2-day field trip to 12 representative enterprises in the copper industry with a cumulative capacity of 1 million mt. Share cutting-edge technologies and valuable experiences to help upgrade the copper industry chain and promote high-quality industry development.
CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo Help you grasp the industry pulse, expand your network, and seek business opportunities! SMM sincerely invites you to gather in Nanchang, Jiangxi from April 22-25, to gather in the new era of copper and jointly plan new development!
