On September 1, MMG rose 3.52% in regular trading, trading at HK$9.57/share, with turnover of HK$86.57 million. The stock gained momentum as copper prices rebounded following last week's retreat, while the core thesis of tight mine-side supply remained intact.

On the commodity front, copper prices staged a recovery after a pullback driven by rising LME and domestic inventories late last month. Analyst estimates suggest optimistic copper mine supply additions of only 80,000-100,000 tonnes in H2, with downside scenarios pointing to negative growth. Smelter processing fees have fallen to -US$182.14/tonne, squeezing refinery margins and constraining output.

On the company front, MMG's flagship Las Bambas mine — a global top-ten copper operation — resumed full operations on August 21 following a brief safety-related shutdown. H1 results were record-breaking, with revenue of US$4.54 billion (+61% YoY), net profit attributable to shareholders of US$807 million (+164% YoY), and copper output of 266,500 tonnes. Multiple brokerages maintain Buy ratings, with Morgan Stanley targeting HK$11.70 and BOCI at HK$10.93.

The broader Diversified Metals and Mining sector traded higher, with WANGUO GOLD GP up 4.38%, CMOC up 1.79%, and ZIJIN MINING up 1.26%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)