CMOC Group Ltd. Positions for 2026 Amidst a Resurgent Copper Cycle
CMOC Group Ltd., a Chinese miner headquartered in Luoyang City, has issued a forward‑looking statement that underscores its confidence in copper production growth for the current year. The company projects an output range of 760,000 to 820,000 tonnes of copper, a figure that represents a “double‑digit” increase over the prior year. This expectation follows a recent price rally that lifted the firm’s profitability and a record cobalt output that has solidified its reputation in the base‑metal sector.
Copper Production Outlook
The announcement, released on 16 January 2026 via Mining.com, highlighted the Tenke Fungurume mine in the Democratic Republic of the Congo as a key driver of the projected copper expansion. By maintaining its cobalt guidance while targeting higher copper volumes, CMOC aims to leverage the current upside in copper prices, which have benefited from a broader resurgence in the metals and mining market.
Market Context
The broader A‑stock market has been experiencing a shift from speculative narratives to earnings‑centric valuation. In early 2026, more than 350 companies disclosed 2025 earnings forecasts, painting a clear picture of industry health. Semiconductor and non‑ferrous metal stocks, in particular, displayed strong growth, while sectors such as photovoltaic have struggled with overcapacity and price compression. This trend is reflected in the performance of the 有色50ETF (159652), which, despite a modest intraday decline, attracted net inflows exceeding 750 million yuan, underscoring continued investor confidence in the non‑ferrous metals segment.
The metals rally is further evidenced by the soaring prices of gold and silver, with New York gold futures breaking the 4,670 USD/ounce threshold earlier in the month. Such price dynamics provide a favourable backdrop for companies like CMOC that specialise in base and rare metals mining and trading.
Comparative Performance
While CMOC’s copper outlook is bullish, other leading miners in the sector are also posting robust guidance. For instance, 洛阳钼业 (Luo Yang Molybdenum) reported a 2025 net profit forecast of 20.0 billion to 20.8 billion yuan, a jump of 47.8 % to 53.7 % year‑on‑year, and its market value briefly surpassed the 5 trillion‑yuan mark in mid‑January. These developments reinforce the perception that the Chinese non‑ferrous metals industry is entering a period of accelerated growth.
Implications for Investors
The combination of CMOC’s targeted copper expansion and the broader market momentum in metals suggests potential upside for investors who favour companies with strong commodity fundamentals. Analysts note that CMOC’s recent price rally, which lifted its share price close to the 52‑week high of 23.46 HKD, may offer a timely entry point before the anticipated production increases materialise. However, the firm’s valuation, reflected in a price‑earnings ratio of 21.99, warrants careful consideration against its earnings trajectory and commodity exposure.
This article synthesises information from recent company disclosures and market commentary to provide an overview of CMOC Group Ltd.’s strategic direction and its positioning within the current metals landscape.
