On June 1, China Nonferrous Mining rose 5.9% in regular trading, trading at HKD 14.3/share, with trading volume of HKD 135 million. The stock staged a strong rebound after consecutive declines of over 3% in the prior sessions.

On the news front, HSBC published a major research report explicitly naming China Nonferrous Mining as its top pick in the Chinese copper sector, raising the target price 31.9% from HKD 14.10 to HKD 18.60. HSBC highlighted the company's unique profitability structure — its Zambian smelting operations produce sulfur as a by-product, turning what is a cost headwind for peers into a significant profit driver as sulfur prices surged from $50/ton to $300/ton. Additionally, the company recently raised its related-party transaction annual caps based on a copper price benchmark of $15,000/ton, signaling confidence in elevated copper pricing. Fundamentals remain supportive with Q1 net profit up approximately 63% year-over-year and gross margin improving to 31.1%. Supply-side disruptions from Chile and Peru continue to underpin copper price expectations.

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