Understanding the Market | Non-ferrous Stocks Weaken Collectively, Overseas Recession Trading Heats Up, Non-ferrous Metals Under Overall Pressure

Non-ferrous stocks collectively weakened. As of the time of publication, CHALCO fell by 3.2% to HKD 4.23; CMOC fell by 3.06% to HKD 6.01; JIANGXI COPPER fell by 2.35% to HKD 13.28; Ganfeng Lithium fell by 1.92% to HKD 15.34; Zijin Mining fell by 1.68% to HKD 15.24. On the news front, affected by weak U.S. economic data and increased uncertainty in the election, market risk aversion has increased, putting pressure on the non-ferrous metal sector. In terms of base metals, last week LME copper prices fell by 2.34%, aluminum prices fell by 2.94%, zinc prices fell by 4.00%, and tin prices fell by 4.27%. As for precious metals, last week COMEX gold rose by 1.25%, while silver fell by 4.54%. A research report from First Capital Securities pointed out that domestic industrial metal demand has entered the off-season, coupled with increasing expectations of a U.S. economic recession, industrial metal prices may remain weak, and attention can be paid to changes in off-season downstream demand. In addition, the expectation of interest rate cuts is gradually fermenting, coupled with the weakening of the U.S. dollar credit system, gold prices may maintain a high-level volatile trend in the short term