JPMorgan has released a research report regarding the Democratic Republic of the Congo's (DRC) export ban on copper and cobalt concentrates. The bank believes that although the DRC assets of MMG Ltd (01208) , Zijin Mining Group (02899) , and China Molybdenum Co., Ltd. (03993) account for approximately 14%, 25%, and 100% of their respective forecast 2026 copper production, the actual policy impact is expected to be limited. This is because the current ban applies specifically to copper concentrate exports, while the major assets of these companies in the DRC have integrated smelting capacities, with their primary products being anode copper, blister copper, and cathode copper rather than concentrates.

JPMorgan maintains a positive view on copper mining stocks. The bank continues to list Zijin Mining as its preferred pick, with an "Overweight" rating and a target price of 50 Hong Kong dollars. China Molybdenum and MMG are both rated "Overweight," with target prices of 25 Hong Kong dollars and 13 Hong Kong dollars, respectively.