MMG leads Chinese copper producers higher on demand recovery hopes

Jinchuan International Resources

11/01/2023 03:53

** Shares of Hong Kong-listed copper producers gain, led by
China's MMG Ltd's  1208.HK  9.9% jump to a five-month high of
HK$2.44, tracking the strength in copper price on improving
demand outlook for the metal
    ** MMG stock set for its biggest daily pct rise since Dec.
5, if gains hold; biggest pct gainer in Hang Seng Composite
Index on material  .HSCIM  
    ** Copper prices near 6-1/2-month highs on hopes of better
demand after top consumer China reopened its economy
 urn:newsml:reuters.com:*:nL1N33W03O
    ** Jefferies says copper equities have rallied on increased
expectations of a cyclical recovery in Chinese demand combined
with ongoing supply constraints
    ** "We believe we are in the early stages of a multi-year
bull market for copper, and these share prices will likely go
much higher as this cycle progresses," Jefferies says in a note
    ** HK shares of Zijin Mining  2899.HK , Jiangxi Copper
 0358.HK , Zhaojin Mining  1818.HK  and Jinchuan Group  2362.HK 
rise between 1% and 8.1%
    ** Hong Kong's material index  .HSCIM  gains 1%, while the
Hang Seng Composite Index  .HSCI  and the Hang Seng Index  .HSI 
both rise 1.1%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))