Copper stocks in Hong Kong showed strong performance during the morning session. At the time of writing, JIANGXI COPPER (00358) rose 5.28% to HK$40.66; CHINFMINING (01258) increased 5.27% to HK$15.18; JINXUN RESOURCE (03636) gained 4.97% to HK$24.10; CMOC (03993) advanced 4% to HK$20.54; and MMG (01208) climbed 2.91% to HK$10.25.

On the news front, as of May 11th, the three-month copper contract on the London Metal Exchange (LME) rose approximately 0.6% to $13,646 per ton, reaching its highest intraday level since January 29th. Some market analysis suggests that despite setbacks in U.S.-Iran negotiations, traders have reacted mildly. Industrial metals, from copper to zinc, continue to demonstrate resilience against the backdrop of Middle East conflicts, partly due to emerging signs of demand exceeding supply.

A recent Citigroup research report notes that the physical copper market exhibits significant structural resilience even under the pressure of a prolonged Strait of Hormuz blockade, maintaining a near-term target price of $13,000 per ton. Should the strait reopen and market sentiment improve, copper prices could average $15,000 per ton by year-end. The report argues that energy transition and AI-related demand, increased military needs, and supply-side constraints collectively form a triple buffer for copper prices against cyclical shocks, granting copper far greater resilience in the current complex macroeconomic environment compared to historical periods.