In "The Big Banks," China International Capital Corporation predicts that the tightening pattern of copper supply and demand will continue to strengthen, and that short-term adjustments present good opportunities for positioning. It is recommended to pay attention to Zijin Mining and CMOC

CICC published a research report stating that Duan Shaofu, Deputy Secretary-General of the China Nonferrous Metals Industry Association, proposed to improve the copper resource reserve system at a press conference on the economic operation of the nonferrous metals industry in 2025 on Tuesday (the 3rd). The United States also announced on Monday that it is launching a $12 billion critical mineral reserve program ("Project Vault"), which includes more than 50 critical minerals identified by the U.S. Geological Survey, such as rare earths, lithium, and copper, to hedge against supply chain risks.

CICC also noted that, according to Mysteel data, domestic copper prices briefly fell on Monday, while downstream restocking demand increased significantly month-on-month. On that day, the transaction volumes of electrolytic copper and copper rods reached 38,000 and 43,000 tons, respectively, with month-on-month increases of 108% and 198%, setting new highs for nearly three months and since March 2025.

CICC believes that both China and the U.S. have launched copper resource reserve plans, and the demand for strategic stockpiling continues to grow. Industrial restocking supports copper prices, and the combination of spring peak season restocking and tight supply may further drive up copper prices. In the long term, the copper industry is in a bullish phase, and the current short-term adjustment presents a good opportunity for positioning.

CICC maintains its profit forecasts, targets, and ratings for related companies. It recommends focusing on leading companies with high copper mine self-sufficiency, strong potential for resource expansion and production, and external acquisition potential, including Zijin Mining (02899.HK), CMOC (03993.HK), Western Mining (601168.SH), Jincheng Mining (603979.SH), and Tongling Nonferrous Metals (000630.SZ)