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The commodity boom came to an abrupt end! Basic metals fell across the board, copper and nickel fell sharply, and crude oil fell three times in a row
The minutes of the Federal Reserve meeting show that the Federal Reserve may postpone interest rate cuts due to continued inflation, thus suppressing market expectations of interest rate cuts, and crude oil prices fell in response. Lun Copper closed down 4.05%, while Lunn Nickel fell 4.4%. Some analysts pointed out that the main reason for the decline in copper prices may be related to investors starting to make a profit settlement after copper prices hit a record high, recent weakness in copper demand, and a possible increase in copper production in Peru in 2024.
Changes in Hong Kong stocks | Copper stocks fell more than 5% due to the decline in copper stocks, Wanguo International Mining (03939), and copper demand has not recovered
Copper stocks had the highest decline. As of press release, Wanguo International Mining (03939) fell 5.5% to HK$7.73; Minmetals Resources (01208) fell 3.06% to HK$4.12; Jiangxi Copper (00358) fell 2.08% to HK$17.88.
China Nonferrous Mining Corporation Limited's (HKG:1258) Shares Climb 28% But Its Business Is Yet to Catch Up
China Nonferrous Mining Corporation Limited (HKG:1258) shares have continued their recent momentum with a 28% gain in the last month alone. The last month tops off a massive increase of 132% in the
It surpassed $11,000 for the first time! “Dr. Copper” continues to soar, investors are betting on the prospect of supply shortages
As supply shortages are expected to intensify, financial investors are pouring into the copper market, which has helped copper soar to its highest level in history, continuing strong gains for several months.
Direct impact of changes | Non-ferrous stocks generally opened higher, Minmetals Resources rose more than 6%, and Zhaojin Mining rose nearly 5%
Non-ferrous stocks generally opened higher in early trading. As of press release, Minmetals Resources (01208) rose 6.14% to HK$4.32; Zhaojin Mining (01818) rose 4.83% to HK$13.2; and China Nonferrous Metals (01258) rose 3.98% to HK$8.62.
New York copper is mired in a “war of emptiness” to shock the non-ferrous metals market
The Zhitong Finance App learned that the huge mismatch between copper prices traded in New York and other commodity exchanges shocked the global copper market and prompted people to frantically buy copper shipped to the US.
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