MMG's stock plummeted 8.15% during afternoon trading, reflecting broad declines across copper-related mining shares.

The selloff follows a Citi research report warning that copper prices face significant downside risks amid ongoing tensions involving Iran. The bank noted that continued disruptions to energy infrastructure and shipping in the Gulf region, combined with fading expectations for Federal Reserve interest rate cuts and weaker cyclical growth forecasts, could lead to further unwinding of copper positions, with prices potentially dropping below $12,000 per ton in the near term.

Additionally, Bohai Securities highlighted that while downstream enterprises in China are gradually resuming production, market demand remains limited and high copper prices continue to suppress consumption. Although military actions by the U.S. and Israel against Iran could disrupt global supply chains and indirectly support copper prices, high prices are likely to constrain demand, limiting momentum for further increases.