On July 3, Luoyang Molybdenum (03993.HK) rose 5.42% in regular trading, trading at HKD 16.02/share, with turnover of HKD 124 million.

On the news front, the company previously announced the suspension of tailings supply to Luoyang Yulu, a subsidiary controlled by Xiamen Tungsten Industry, resulting in the latter halting production. Luoyang Molybdenum stated the move was taken to ensure compliance with national tungsten mining regulations. The market has progressively interpreted this event as a strategic initiative to reclaim high-value tungsten resources. With tungsten prices running at near three-year highs, the economic value of self-recovering white tungsten from tailings has risen significantly for Luoyang Molybdenum as the tailings source owner. Additionally, the company announced plans to implement an interim dividend this year, further boosting market sentiment. The Diversified Metals and Mining sector showed broad strength, with Wanguo Gold Group up 9.9% and MMG up 4.2%, providing sector-wide momentum.

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