China's miner MMG leads rally in HK-listed mining shares on copper prices hike

Zhaojin Mining Industry Co

14/04/2023 05:04

** Shares of Chinese copper miner MMG  1208.HK  lead rally
in Hong Kong-listed mining stocks, jumping as much as 22.6% to
HK$3.04, their highest since June 29, 2022 
    ** Stock of MMG, which operates Las Bambas mine in Peru, is
on course for sixth consecutive session of gain
    ** Biggest pct gainer in Hang Seng Composite Index  .HSCI 
and Hong Kong's material index  .HSCIM  and fourth biggest
gainer on the Hong Kong bourse
    ** Copper prices touched an over six-week high on Friday, as
the dollar plunged after an unexpected fall in U.S. producer
prices strengthened view that the Federal Reserve was nearing
the end of its interest rate-hike cycle 
    ** Peru, the world's no. 2 copper producer which saw output
affected by anti-government protests and road blockades, said on
Monday it expects to produce 2.8 million tonnes of copper this
year, representing about 15% jump from 2022 
    ** Shares of Zijin Mining  2899.HK , Rusal  0486.HK ,
Jiangxi Copper  0358.HK , China Hongqiao  1378.HK , Zhaojin
Mining  1818.HK , Ganfeng Lithium   1772.HK  and China
Nonferrous Mining Corp  1258.HK  rise between 2.2% and 10.4% 
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.1
while material index  .HSCIM  surges 4.1%
    ** Hang Seng Composite Index  .HSCI  eases 0.1% and Hang
Seng Index  .HSI  slips 0.2%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))