Copper-related stocks rose collectively in Hong Kong trading. At the time of writing, JIANGXI COPPER (00358) gained 4.99% to HK$38.3, CMOC (03993) increased 3.06% to HK$18.2, CHINFMINING (01258) advanced 2.89% to HK$13.55, and ZIJIN MINING (02899) climbed 2.77% to HK$36.34. The rally followed news on April 23 that Freeport-McMoRan, the world's largest publicly traded copper producer, announced a significantly slower-than-expected restart of its Grasberg copper mine in Indonesia. The mine is projected to recover only about 65% of its capacity in the second half of the year. The company revised its full-year copper production guidance downward from 1.1 billion pounds to 800 million pounds, equivalent to a reduction of approximately 136,000 metric tons. BOC Securities analysis noted that this revision is not a short-term disruption but stems from the need for conveyor system upgrades due to a higher proportion of wet ore following months of halted operations. Production areas 2 and 3 are expected to operate at only about 60% capacity in the near term, with this bottleneck unlikely to be largely resolved until mid-2027, indicating a sustained impact on supply. Against the backdrop of persistent supply disruptions, the downside for copper prices appears limited, with expectations of a strong and volatile trading pattern.