Copper-related stocks were mostly higher.

CHINF MINING (01258) rose 5.68% to HK$14.32.

MMG (01208) gained 4.09% to HK$9.17.

CMOC (03993) increased 1.48% to HK$18.52.

Recent market reports indicate that as expectations for a Trump administration tariff on copper imports heat up again, global copper traders are once more focusing on inventories worldwide, racing to ship metal to the United States. This signals a strong return of the "tariff arbitrage" trade that once roiled the $300 billion annual market.

Furthermore, several industry executives anticipate that U.S. copper imports could soon rebound to historical highs of 150,000 to 200,000 tons per month.

In its latest copper market note, Goldman Sachs raised its LME copper price target for end-2026 to $13,735 per ton from $12,465, and lifted its average price forecast for 2027 to $13,800 per ton from $12,150.

The core logic behind Goldman Sachs' significant price hike is that persistent, substantial U.S. copper imports are draining the available supply in markets "outside the U.S.," while the restart of two major mines is progressing much slower than expected. The combination of these two forces is pushing the copper market into a deeper deficit than previously anticipated.