On July 24, MMG fell 3.2% in regular trading, trading at HKD 8.36/share, with turnover of HKD 18.26 million. The Diversified Metals & Mining sector saw widespread weakness, with CMOC down 4.49%, Wanguo Gold Group down 4.24%, Jiaxin International Resources down 1.94%, and Lygend Resources down 2.07%.

The pullback comes after MMG had rallied over 9% across the prior two sessions following its Q2 production report showing total copper output of 137,843 tonnes (up 8% quarter-over-quarter) and Morgan Stanley's reiteration of an Overweight rating with a target price of HKD 11.7. The bank had noted Las Bambas production was on track to reach the upper end of full-year guidance of 380,000-400,000 tonnes, while the company also lowered C1 cash cost guidance for three mines. Today's retreat appears driven by sector-wide profit-taking pressure amid broader metals weakness.

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