MMG's stock surged 5.43% during intraday trading, driven by a combination of tightening global copper supply and significant earnings forecast upgrades from major investment banks.

The rally was supported by news that Freeport Indonesia has delayed the full restart of the Grasberg copper mine from early 2027 to early 2028, exacerbating the already tight global copper supply outlook. This development is lending support to copper prices and related equities like MMG.

Additionally, Citi recently raised MMG's 2025-2027 earnings forecasts by 92.5%, 6.5%, and 0.8% respectively, projecting first-half net profit of US$309 million — representing a roughly 14-fold year-over-year surge. The upgrade was attributed to stronger copper prices and better-than-expected C1 costs at the Las Bambas mine. Citi maintained its Buy rating on the stock. Separately, Bank of America also reiterated a Buy rating with a HK$12 target price, citing robust Q1 output including copper production of 128,700 tonnes, which was up 9% year-over-year.