On September 16, MMG (01208.HK) rose 3.02% in regular trading, trading at HK$8.68 per share with turnover of approximately HK$151 million, rebounding after several consecutive sessions of decline driven by copper tariff uncertainty and Fed rate hike fears.

On the news front, copper prices steadied on September 16 as traders awaited the Federal Reserve's interest rate decision later in the session. LME copper futures edged higher, extending a modest recovery from recent record-high levels. While the market widely expects the Fed to raise rates for the first time since 2023, the move is largely priced in, with some analysts suggesting a potential \"sell the rumor, buy the fact\" dynamic. Meanwhile, LME warehouse inventories continued to climb, easing prior concerns over structural supply tightness, as the three-month futures shifted to a contango of $62.53 per tonne over spot.

From a fundamental perspective, MMG reported record-breaking first-half results on August 11, with revenue surging 61% year-on-year to US$4.54 billion, EBITDA climbing 77%, and net profit soaring 164% to US$807 million. Several investment banks subsequently raised their target prices, with Citi lifting its target to HK$12 on September 10 while maintaining a Buy rating.

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