JIANGXI COPPER (00358) surged over 3%, reaching a high of HK$32.82 to set a new listing record. At the time of reporting, the stock was up 3.43% to HK$32.56, with turnover of HK$218 million.

On the news front, London copper prices hit their highest level since May 2024, breaking above $10,500 per ton. A Bank of America Securities report noted that considering operational issues at all three major global copper mines, actual production for this year and next is expected to fall short of original forecasts. The shutdown of the Grasberg mine alone could widen the supply gap by 270,000 tons next year. Meanwhile, European demand is bottoming out and recovering, Chinese demand is stabilizing, and copper supply faces pressure. Accordingly, the bank raised its copper price forecasts to $11,313 per ton for next year and $13,500 per ton for 2027.

The bank believes JIANGXI COPPER's self-produced copper concentrate, gold, and silver will all benefit from rising prices. Additionally, recent government announcements on regulating copper-aluminum smelting and lithium capacity policies may bring profit upside potential for JIANGXI COPPER.