Zijin Mining's stock surged 5.05% during intraday trading on Friday, marking a significant upward movement for the mining company.

The rally comes amid a broad-based recovery in copper stocks across the Hong Kong market. According to recent analysis, Chinese copper companies' share price gains have notably lagged behind the appreciation in copper prices, with HSBC noting an approximate 20 percentage point gap that it deems unsustainable. With London Metal Exchange copper prices having risen about 40% year-to-date compared to average stock gains of only 15%-20%, analysts see a compelling catch-up opportunity for mining stocks like Zijin.

Furthermore, structural copper demand from AI infrastructure buildout and the global energy transition continues to underpin bullish supply-demand dynamics. Supply constraints resulting from historical underinvestment in exploration are further tightening the market. Zijin Mining, which had previously declined for multiple consecutive sessions, appears to have released much of its prior selling pressure, prompting capital to flow back into the stock.