Non-ferrous stocks opened higher and lower today. As of press release, Zijin Mining (02899) fell 4.01% to HK$18.66; Luoyang Molybdenum (03993) fell 4.52% to HK$7.82; Shandong Gold (01787) fell 3.52% to HK$18.66; and Ganfeng Lithium (01772) fell 2.84% to HK$2.57.
The Zhitong Finance App learned that non-ferrous stocks opened higher and lower today. As of press release, Zijin Mining (02899) fell 4.01% to HK$18.66; Luoyang Molybdenum (03993) fell 4.52% to HK$7.82; Shandong Gold (01787) fell 3.52% to HK$18.66; Ganfeng Lithium (01772) fell 2.84% to HK$2.57.
According to the news, metal prices dived in the intraday session today, and the increase of the Bank of Shanghai narrowed to 4%. Previously, it had risen by more than 7%; Shanghai Gold and Shanghai Copper erased the gains. LME copper turned down. Previously, it had risen more than 1%, but now it is down 0.36%. Spot silver once fell by 1.8%, and previously rose 2%. Spot gold turned lower.
Goldman Sachs said that the latest order survey showed that copper demand was weaker than expected. As copper prices soared, demand slowed down, starting in April and further intensifying in May, mainly due to order delays and scale contraction. Goldman Sachs believes that the current situation may be similar to the second quarter of 2021. Too high copper prices may be adjusted to embark on a more moderate and sustainable upward path.