Hong Kong Stock Market Movement | Copper Industry Stocks Lead Declines, Shanghai Copper Inventory Hits Near 10-Year High, Institutions Say Peak Season Inventory Reduction May Fall Short of Expectations

LootboxPhobia · 2026-03-03T05:18:27+00:00

Copper mining stocks generally declined, with Minmetals Resources experiencing the largest drop so far. LME copper and SHFE copper inventories increased significantly, reaching multi-year highs. The market remains cautious about short-term copper price trends, as supply pressures and weakening demand may impact prices.

LootboxPhobia

2026-03-03 05:18:27

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Metal stocks lead the decline, according to Tongtong Finance APP. As of the latest report, Minmetals Resources (01208) fell 8.07% to HKD 10.14; Jiangxi Copper (00358) dropped 6.16% to HKD 42.98; Luoyang Molybdenum (03993) declined 5% to HKD 23.54; China Nonferrous Mining (01258) decreased 3.97% to HKD 14.03.

On the news front, the London Metal Exchange released data showing that copper inventories continued to rise last week, reaching 253,700 tons, the highest level in nearly a year. The Shanghai Futures Exchange’s latest data shows that during the week of February 27, Shanghai copper inventories increased significantly, rising 43.69% week-on-week to 391,529 tons, reaching a near ten-year high.

CITIC Futures released a research report stating that domestic refined copper production hit a record high in January. Due to the number of days in February, production slightly declined month-on-month, but March is expected to see production rise again. The pressure of maintenance at smelters may become apparent from April, and short-term supply is still suppressing prices. Demand is approaching the seasonal transition period, with market expectations for the traditional peak season. However, copper prices are currently at historic highs, with spot prices remaining at a discount, and the monthly price spread widening. The high copper prices may continue to restrict consumption. After the holiday, domestic social inventories reached a five-year high, and the expected inventory reduction during the peak season may fall short of expectations.

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