CITIC Securities says the Beijing Stock Exchange (BSE) is in a base-building phase awaiting incremental inflows. Valuation and sentiment bottoms were reconfirmed in a late‑August retest and Sept. 2 volume validated willingness of new capital to enter. H1 double‑digit growth and a sharp rise in contract liabilities provide fundamental support; buybacks, accelerated stake purchases and stronger demand for recent listings are improving capital structure. Further upside depends on three catalysts: r

LME copper's move above $14,500/tonne is often linked to AI, grid and electrification demand, but a deeper supply constraint is falling ore grades. BHP said Escondida set records for mined and milled tonnage in the first nine months of FY2026, yet copper production fell 3% as head grade declined from 1.05% to 0.91%. Lower grades force miners to process more rock and consume more energy and inputs to sustain output. IEA data show average global copper ore grade is about 40% lower than in 1991; capital intensity for existing mine expansions has risen ~65% since 2020. Just 5% of copper resources discovered in the past 35 years were found in the last decade, and new projects take roughly 17 years from discovery to production on average. Market signals are tightening: annual concentrate treatment charges for 2026 have fallen to zero and spot TCs are negative, indicating smelters have spare processing capacity while available concentrates are limited.

Canada's equivalent retaliatory tariffs on the United States entered into force at 0000 local time on Sept. 8 (1200 Beijing). On Sept. 7, Labour Day, Windsor — across the river from Detroit — hosted a large workers' march urging unity to defend jobs and respond to the US tariffs.