Copper stocks showed signs of recovery in early trading. As of press time, JIANGXI COPPER (00358) rose 6.4% to HK$34.92, CHINFMINING (01258) gained 4.99% to HK$14.72, CMOC (03993) climbed 3.54% to HK$17.22, and MMG (01208) increased 3.06% to HK$7.07.

The rebound follows reports that LME copper prices reached a historic high of $11,146 per ton on Wednesday, driven by persistent supply shortages in mines. Citigroup previously forecasted copper prices to hit $12,000 per ton in the first half of next year, while some institutions believe this threshold could be breached even sooner.

Market attention is now focused on the upcoming Federal Reserve interest rate decision, with widespread expectations of a 25-basis-point cut. This move is also seen as a potential catalyst for easing U.S.-China trade tensions.

Huafu Securities noted that in the short term, expectations of continued Fed rate cuts and tight supply fundamentals will support copper prices. Over the medium to long term, deeper Fed rate cuts could stimulate investment and consumption, while also creating room for domestic monetary policy adjustments. Additionally, potential fiscal stimulus under the Trump administration may fuel inflation, further lifting copper prices. The firm remains bullish on copper's upward trajectory.