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Investor Optimism Abounds Jiangxi Copper Company Limited (HKG:358) But Growth Is Lacking
With a median price-to-earnings (or "P/E") ratio of close to 10x in Hong Kong, you could be forgiven for feeling indifferent about Jiangxi Copper Company Limited's (HKG:358) P/E ratio of 7.8x. Howev
Copper stocks collectively fell and MMG (01208) fell by 6.49%. Institutions point out that copper prices will adjust in the short term while the supply side remains in a very low position overall.
Jingu Finance News | Copper stocks collectively fell, MMG (01208) fell by 6.49%, Chinfmining (01258) fell by 3.91%, Chinagoldintl (02099) fell by 2.97%, Cdayenonfer (00661) fell by 2.74%, Jiangxi Copper (00358) fell by 2.31%. Tianfeng stated that the overall supply side is still in a very low position, and the market is concerned about the progress of negotiations in the mid-year, with ample supply of crude copper and anode plates, a smaller impact from copper mines, and an increase in recycled copper smelting output, resulting in little impact on refinery production. On the demand side, the current market is facing the off-season effect.
Jiangxi Copper's copper foil has withdrawn from the Growth Enterprise Market and paid huge dividends before going public. The customer concentration is relatively high.
The original plan was to raise 2 billion yuan.
HK stocks anomaly | Copper stocks fell most downstream gradually entering the consumer off-season, institutions said short-term copper prices lack upward drive.
Copper stock had the largest drop. As of the time of publication, Chinfmining (01258) fell by 5.34%, with a price of HKD 6.74; Jiangxi Copper (00358) fell by 3.48%, with a price of HKD 15.52; mmg (01208) fell by 2.23%, with a price of HKD 3.07.
Hong Kong stocks fluctuate | Copper stocks rose in early trading, with MMG (01208) up more than 5% and Chinfmining (01258) up more than 4%.
Copper stocks rose in early trading. As of press time, MMG Resources (01208) rose 5.48% to HKD 3.08; Chinfmining (01258) rose 3.99% to HKD 7.03.
Copper Falls After Hawkish Fedspeak as Record Rally Loses Steam
Copper and other base metals fell after the Federal Reserve signaled US interest rates will likely stay higher for longer than previously indicated, a scenario that may crimp demand for industrial commodities.
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