On August 28, MMG rose 3.63% in regular trading, trading at 9.675 HKD/share, with turnover of approximately HKD 127 million. The rally was driven by copper prices sustaining historic highs coupled with continued mine-side supply constraints.

LME three-month copper broke above USD 14,000/ton in early August, while Shanghai copper futures traded near CNY 107,900/ton. Copper concentrate treatment charges fell to an extreme negative of -174 USD/ton, reflecting rigid tightening in mine supply that forms core price support. A recent brokerage report noted that under optimistic scenarios, second-half copper mine supply additions may reach only 80,000-100,000 tons, and could turn negative under pessimistic assumptions, with smelter output running below expected levels.

The company's flagship Las Bambas mine in Peru resumed operations on August 21 following a brief suspension due to a fatal accident on August 18, eliminating supply disruption uncertainty. Morgan Stanley maintains an Overweight rating with a target price of HKD 11.7, expecting Las Bambas output to reach the upper end of full-year guidance of 380,000-400,000 tons, with production and cost improvements continuing to drive earnings growth.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)