On July 31, MMG rose 3.11% at open, trading at HK$8.3/share with turnover of HK$1.578 million. The stock rebounded as the broader non-ferrous metals sector recovered, with peers CMOC rising 3.38% and Wanguo Gold Group gaining 3.49%.

The stock had previously declined over consecutive sessions amid rising Fed rate hike expectations and a stronger US dollar, pushing it into oversold territory. On the fundamental side, MMG reported Q2 total copper production of 137,843 tonnes, up 8% quarter-over-quarter, and lowered C1 cash cost guidance for three mines due to favorable by-product credits in the first half. BOCI reaffirmed its Buy rating with a target price of HK$10.93, while Morgan Stanley maintained its Overweight rating with a target price of HK$11.7, both implying over 30% upside from current levels and providing valuation support.

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