Understanding the Market | Non-ferrous stocks all fell, short-term pressure on non-ferrous metals, institutions point out the possibility of repeated fluctuations in macro expectations
All non-ferrous stocks fell across the board. As of the time of publication, Ganfeng Lithium fell by 14.29% to HKD 23.7; CMOC fell by 9.78% to HKD 7.48; Jiangxi Copper fell by 8.46% to HKD 15.36; SD GOLD fell by 6.84% to HKD 16.88; CHALCO fell by 6.53% to HKD 6.01. On the news front, the U.S. non-farm payroll data exceeded market expectations, and the continuous rebound of the U.S. dollar index put pressure on non-ferrous metals. During the National Day holiday, London copper fell by nearly 2% in range, while spot gold plunged more than $10 in intraday trading today. CITIC Futures pointed out that the economic data released this week is weak, and it will take time for the economy to fully recover. The unexpected rise in U.S. non-farm payrolls in September, coupled with the cooling expectations of a significant rate cut in November, led to a rebound in the U.S. dollar index, putting pressure on non-ferrous metals. However, considering that domestic policy stimulus is still being gradually implemented, the overall macroeconomic outlook is still expected to improve. In the medium term, there may still be fluctuations in macroeconomic expectations, and it will be necessary to see continuous improvement in economic data to refute potential recession expectations
According to the Wise Finance APP, all non-ferrous metal stocks fell sharply. As of the time of publication, Ganfeng Lithium (01772) fell by 14.29% to HKD 23.7; CMOC (03993) fell by 9.78% to HKD 7.48; Jiangxi Copper (00358) fell by 8.46% to HKD 15.36; SD GOLD (01787) fell by 6.84% to HKD 16.88; CHALCO (02600) fell by 6.53% to HKD 6.01.
On the news front, the U.S. non-farm payroll data exceeded market expectations, and the continuous rebound of the U.S. dollar index put pressure on non-ferrous metals. During the National Day holiday, London copper fell by nearly 2% within the week, while spot gold plunged more than $10 at one point today. CITIC Futures pointed out that the economic data released this week is weak, and it will take time for the economy to fully recover. The unexpected rise in U.S. non-farm payrolls in September, coupled with the cooling expectations of a significant rate cut in November, led to a rebound in the U.S. dollar index, putting pressure on non-ferrous metals. However, considering that domestic policy stimulus measures are still being gradually implemented, the overall macroeconomic outlook may continue to improve. In the medium term, there may still be fluctuations in macroeconomic expectations, and it will be necessary to see sustained improvement in economic data to refute potential recession expectations