Industrial metal prices have been galvanized by macroeconomic tailwinds, including US rate cuts, a weaker dollar, confidence in AI trade, China's anti-involution policies, and upcoming potential Chinese stimulus measures, according to a report from UBS. As the macroeconomic environment is improving, capital flows are gravitating to mining stocks.

From the broker's perspective, the overall outlook for industrial metals is getting better, the risk of a significant short-term demand slowdown is diminishing, and the mid-term fundamentals for copper and aluminum remain attractive.

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UBS has raised its earnings forecasts for ZIJIN MINING (02899.HK)  -0.060 (-0.202%)    Short selling $338.85M; Ratio 32.749%   (601899.SH)  +0.110 (+0.426%)   / CMOC (03993.HK)  -0.230 (-1.803%)    Short selling $32.66M; Ratio 10.715%   (603993.SH)  +0.100 (+0.799%)   / JIANGXI COPPER (00358.HK)  +0.080 (+0.324%)    Short selling $29.86M; Ratio 11.373%   by 4%/ 5%/ 5% for 2025 and by 9%/ 6%/ 5% for 2026.

The 2026 earnings forecasts for CHINAHONGQIAO (01378.HK)  +0.060 (+0.236%)    Short selling $108.81M; Ratio 15.779%   / CHALCO (02600.HK)  +0.010 (+0.138%)    Short selling $55.55M; Ratio 24.260%   / TIANSHAN ALUMINUM (002532.SZ)  +0.110 (+1.014%)   have also been lifted by 5-8%.

UBS' target prices and ratings for the above stocks are available in a separate table.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-24 16:25.) (A Shares quote is delayed for at least 15 mins.)

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