Copper-related stocks continued their upward trajectory. At the time of writing, CHINFMINING (01258) rose 5.79% to HK$15.53; MMG (01208) gained 4.35% to HK$10.56; CMOC (03993) increased 2.98% to HK$20.74; and JIANGXI COPPER (00358) advanced 2.52% to HK$40.70.

The market movement is driven by supply-side concerns. An energy crisis bill in Peru, which took effect on May 11, prioritizes residential electricity use, placing industrial and mining operations at the lowest priority. While it has not yet impacted mining development, Peru is the world's second-largest copper producer, and fears of supply disruptions persist. LME copper broke through $14,000 per ton, approaching its historical peak.

Analysts note that as Freeport-McMoRan has again delayed the restart of its Indonesian project and comprehensively lowered its production guidance for 2026-2027, the global output expectations for major copper miners in 2026 have officially entered a decline. Furthermore, potential impacts from extreme weather could exacerbate supply disruptions. It is anticipated that the robust supply-demand fundamentals highlighted by recent unexpected inventory drawdowns in China, coupled with a reduction in macroeconomic headwinds, will support copper prices at around $13,000 per ton in the second quarter of 2026. Given the disparity between supply and demand expectations, copper prices are poised to challenge previous highs.