Copper-related stocks continued their recent downward trend. At the time of writing, CMOC (03993) fell 4.76% to HK$19.62; MMG (01208) dropped 3.48% to HK$8.60; ZIJIN MINING (02899) declined 1.31% to HK$39.24; and CHINFMINING (01258) decreased 1.14% to HK$12.96.

According to a March 9 report from Shanghai Metals Market, data released by the London Metal Exchange showed that LME copper inventories accelerated their accumulation last week, with the latest inventory level reaching 284,325 tons, hitting a new high for over a year. Data from the Shanghai Futures Exchange indicated that during the week of March 6, SHFE copper inventories continued to rise, increasing by 8.59% week-on-week to 425,145 tons, reaching a new cyclical high. International copper inventories rose by 36 tons to 20,772 tons. Last week, COMEX copper inventories first increased then decreased, with the latest level standing at 597,938 tons.

Huaxin Securities noted in a research report that orders for refined copper rod at resumed enterprises have generally increased significantly, while the operating rates of recycled copper rod enterprises remain weak. The substitution of scrap copper for refined copper has weakened, providing some support for copper prices. Meanwhile, China Post Securities stated that Middle East factors have little impact on copper supply; therefore, recession expectations driven by rising oil prices are putting pressure on copper prices, leading to a K-shaped divergence with aluminum prices. The institution pointed out that the rapid recovery in downstream operations indicates gradual acceptance of copper prices above 100,000 yuan per ton.