MMG leads rise in HK-listed copper smelters on Chinese plans to curb output

Zhaojin Mining Industry Co

14/03/2024 03:02

** Shares of MMG Ltd  1208.HK  lead rise in Hong Kong-listed
copper smelters, surging as much as 15.9% to HK$3.20, their
highest since April 21 last year, and on course for the second
session of gains
    ** Stock on track for the biggest one-day rise since April
14 if gains hold; second biggest gainer in Hong Kong's materials
index  .HSCIM  and fifth largest in Hang Seng Composite Index
 .HSCI  
    ** Major Chinese copper smelters have reached agreement to 
curb output, adjust maintenance plans, and ramp up development
of domestic and overseas copper mines, the state-back research
house Antaike said in a post on Thursday
    ** Copper prices soared on Wednesday to their highest in
eleven months after Chinese smelters, which process half of the
world's mined copper, agreed on a joint production cut
    ** Stocks of rivals Jiangxi Copper  0358.HK , Zijin Mining 
 2899.HK , Jinchuan Group  2362.HK  and Zhaojin Mining  1818.HK 
rise between 1.2% and 9.3%
    ** Hang Seng material index  .HSCIM  jumps 4%, while Hang
Seng Composite Index  .HSCI  and Hang Seng Index  .HSI  both
slip 0.1%
    ** MMG stock up 30.7% YTD  

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