On July 22, CMOC (China Molybdenum) rose 3.44% at open, trading at 17.14 HKD/share with turnover of 10.284 million HKD. Copper mining stocks rallied broadly as Shanghai Futures Exchange copper inventories fell by 4,561 tonnes to 35,091 tonnes on July 20, representing an approximately 11.5% daily decline that exceeded market expectations, reinforcing the supply-demand tightness narrative across base metals.

Meanwhile, molybdenum prices surged to near three-year highs, with the molybdenum-for-tungsten substitution trend elevating the strategic value of molybdenum materials, directly benefiting the company's molybdenum-tungsten operations. On the fundamentals side, CMOC previously guided first-half net profit of RMB 15.5-16.5 billion, up 79-90% year-over-year, driven by copper volume and price increases alongside the consolidation of Brazilian gold mining assets. Bank of America Securities maintained a Buy rating with a target price of 22 HKD, citing copper price resilience and production growth.

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