HK Stock Market Move | CMOC Group Limited (03993) rises more than 4% in the afternoon, the company is included in the FTSE A50 Index, copper production may exceed guidance.

CMOC Group Limited (03993) rose more than 4% in the afternoon, up 4.09% to HK$18.86 with a trading volume of HK$4.47 billion as of the time of writing. On the news front, on December 3, FTSE Russell announced quarterly revisions to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index. Among them, CMOC Group Limited was included in the FTSE China A50 Index. This change will take effect after the close of trading on Friday, December 19, 2025. Credit Suisse previously pointed out that CMOC Group Limited's copper production in 2025 is likely to exceed the guidance range of 600,000 to 660,000 tons, with production reaching 543,000 tons in the first three quarters of this year, mainly benefiting from production line upgrades and improvements in power supply. The management is confident that production will continue to grow in 2026 and 2027, and believes that the contribution of additional production can be sustained. At the industry level, Sinolink pointed out that the first half of 2026 is expected to see a resurgence of inflation trades. After each soft landing rate cut by the Federal Reserve, copper prices and US manufacturing PMI typically stabilize and rebound 3-6 months later. Starting from the rate cut on September 18, the fundamental recovery corresponds to the first and second quarters of next year. In addition, in the short-term macroeconomic headwind background, the reason why copper prices have maintained strong fluctuations above $10,500 is due to the resilience of prices compared to previous rate cuts, with the core support coming from supply. Therefore, after the economic fundamentals improve in the future, copper prices may experience stronger price elasticity performance compared to the past.