LME copper hits all-time high! Tariff arbitrage triggers LME copper squeeze, while production cuts by major miners intensify supply-side pressure.

London copper prices surged 47% over the past 12 months, primarily driven by market expectations that Trump will continue to expand tariffs on copper. Copper futures on the New York Exchange maintained a significant premium over London prices, triggering arbitrage activities that drove LME physical inventories down to critically low levels in August, sparking a major short squeeze. Meanwhile, Chile, the world's largest copper producer, saw its copper export revenue fall to a more-than-one-year low in August, raising the possibility of the first annual decline in global mine supply since 2017.

wallstreetcn04:21

Hong Kong Stocks Midday Review | Hang Seng Index Falls 0.27% in Morning Session; Hynix Shares Surge Against the Trend with 2x Leverage

Gold stocks rebounded this morning. The People's Bank of China has increased its gold reserves for 22 consecutive months, while the Federal Reserve's decision on a September rate hike remains contingent on CPI data.

Zhitong Finance12:00

LME copper prices hit a record high, with CMOC Group (03993.HK) and Jiangxi Copper (00358.HK) rising more than 4%

Copper prices on the London Metal Exchange (LME) hit a record high as supply concerns intensified and potential U.S. tariffs prompted buyers to rush purchases. Benchmark three-month copper futures rose 0.9% to $14,510 per metric ton, touching an intraday historic high of $14,533 per metric ton. Copper prices have climbed 16% so far this year. Non-ferrous metal stocks in Hong Kong traded higher, with Jiangxi Copper (00358.HK) and CMOC Group (03993.HK) gaining over 4%, MMG Limited (01208.HK) rising 3.67%, and Zijin Mining (02899.HK) up 3.01%.

AASTOCKS11:49

HK Market Watch | Gold stocks rebound this morning as the PBOC increases gold reserves for the 22nd consecutive month; Fed's September rate hike still hinges on CPI

Gold mining stocks rebounded this morning. As of press time, Zijin Mining (02899) rose 2.84% to HK$36.94, and China Gold International Resources (02099) gained 2.55% to HK$265.2.

Zhitong Finance10:12

LME copper prices hit an all-time high! Tariff arbitrage and favorable supply-demand dynamics resonate: AI demand emerges as a "new engine" while Chilean exports fall to a one-year low.

Tariff Turmoil and Mining Woes: Copper Prices Hit Record Highs.

Zhitong Finance09:06

HK Stock Market Update | Most Gold Stocks Under Pressure as Strong US August Non-Farm Payrolls Boost Rate Hike Expectations; Market Awaits CPI Data Release

Most gold stocks faced downward pressure. As of press time, Tongguan Gold (00340) fell 6.9% to HK$3.305, and Shandong Gold (01787) dropped 3.29% to HK$25.86.

Zhitong FinanceSep 7 13:53