HK Stock Market Move | The copper industry stocks are rising across the board, and the speed of inventory turnover is exceeding market expectations. The logic of supply and demand tension is gradually being realized.

Copper stocks rose across the board, as of press time, JIANGXI COPPER (00358) rose 7.9% to 33.58 Hong Kong dollars; CHINFMINING (01258) rose 7.17% to 13.9 Hong Kong dollars; MMG (01208) rose 5.67% to 7.83 Hong Kong dollars; CMOC Group Limited (03993) rose 3.29% to 16.66 Hong Kong dollars. On the news front, on July 20, copper inventories at various warehouses of the Shanghai Futures Exchange fell sharply by a total of 35,091 tons, a decrease of 4,561 tons compared to the previous day, a decrease of about 11.5%. Hongyuan Futures pointed out that the global tight supply and demand expectations for copper ore and sulfur are disturbing production and smelting. Domestic electrolytic copper social inventories continue to decline, but concerns about repeated US inflation may raise expectations of a Fed rate hike in September, leading to high volatility in copper prices in Shanghai. Orient stated that although the domestic electrolytic copper social inventories were significantly higher at the beginning of March 2026 compared to 2022-2025, after the copper price fell in March, the rate of inventory digestion exceeded market expectations. As of July 10, domestic copper social inventories had dropped from a high of 577,200 tons to 165,000 tons, a decrease of 71%. The rapid depletion behind the de-stocking reflects the gradually realized logic of supply and demand tension, and the trading logic of the copper sector is gradually transitioning from expectation to reality.