Market Insight | CMOC falls more than 5%, leading the decline in non-ferrous stocks. Expectations for Fed rate cuts cool down, market focuses on copper demand
In the morning session, non-ferrous stocks generally fell. As of the time of publication, CMOC fell by 4.62% to HKD 6.82; Zijin Mining fell by 4.48% to HKD 16.2; SD GOLD fell by 3.88% to HKD 17.34; Jiangxi Copper Corporation fell by 2.04% to HKD 14.44. On the news front, the President of the European Central Bank announced the interest rate decision, stating that the interest rate will remain unchanged and refusing to commit to future interest rate paths. In addition, Mary Daly, President of the Federal Reserve Bank of San Francisco, called for patience in cutting interest rates on Thursday. Daly stated that even though recent inflation indicators are moving in the right direction, the Fed has not yet achieved price stability and will still rely on data to decide whether to cut interest rates. Influenced by the news, spot gold continued to decline, breaking below $2430 per ounce, down 0.7% intraday. Spot silver fell by 1% intraday, now trading at $29.51 per ounce. In addition, some institutions believe that overseas rate cut expectations are overly optimistic, but the oversupply of fundamentals and weak demand continue to suppress the upside potential of copper prices, with copper prices expected to fluctuate at low levels
According to the Wise Finance app, non-ferrous metal stocks fell across the board in the morning session. As of the time of publication, CMOC (03993) fell by 4.62% to HKD 6.82; Zijin Mining (02899) fell by 4.48% to HKD 16.2; SD GOLD (01787) fell by 3.88% to HKD 17.34; Jiangxi Copper (00358) fell by 2.04% to HKD 14.44.
On the news front, the President of the European Central Bank announced the interest rate decision, stating that the interest rate will remain unchanged and refusing to commit to a future interest rate path. In addition, Mary Daly, President of the Federal Reserve Bank of San Francisco, called for patience in cutting interest rates on Thursday. Daly stated that even though recent inflation indicators are moving in the right direction, the Fed has not yet achieved price stability and will still rely on data to decide whether to cut interest rates.
Influenced by the news, spot gold continued its decline, falling below $2430 per ounce, down 0.7% intraday. Spot silver fell by 1% intraday, now trading at $29.51 per ounce. In addition, some institutions believe that overseas rate cut expectations are overly optimistic, but the oversupply in fundamentals and weak demand continue to suppress the upside potential of copper prices, with copper prices expected to fluctuate at low levels