资源股覆盘---- 6月1日

On June 1, significant funds flowed into iron ore futures in the domestic commodity futures market. WIND data from Guosen Securities shows that as of 15:00, the main contract of iron ore futures received an inflow of 1.286 billion yuan intraday, the largest capital inflow of commodity futures on that day.

According to Reuters, a senior official of Ikongwe Mine, the only iron ore mining company in Botswana, stated on May 31 that production has been halted due to a decrease in iron ore export prices.

The mine is owned by Vision Ridge Investments registered in Botswana, a subsidiary of India's Yashomann Industries. Due to the soaring iron ore prices to a record high of $240/ton driven by demand from China, the mine started production in 2021.

Due to weak steel demand and a sluggish Chinese real estate market, the global market price of iron ore has fallen to around $100/ton. With high logistics costs, the low prices make exporting iron ore from the landlocked country Botswana unfeasible.

During the initial 10-year period, Ikongwe's iron ore production capacity can reach 1 million tons per year, with a grade of 65%. The mine was first shipped to China in September 2021.

Shanxi Iron Ore (3047.HK) closed at HK$16.02, up 4.3%.

Cumulative return: 1 week: 8.61% 1 month: 1.71% 3 months: -10.85% 6 months: 9.73% since listing: 115.03%

China Securities Co.,Ltd. research reports indicate that since May, after the Fed completed the rate hike at the beginning of the month, gold has undergone a volatile adjustment. On one hand, as a result of lagging employment data and ongoing statements from officials, the market's excessively aggressive expectations for the pace of Fed rate cuts are being corrected. It is also due to the technical adjustment demand near the previous resistance level after realizing our first half-year target. With lagging employment data, it is expected that in the medium term, under the impact of the U.S. recession and the formal shift in monetary policy, the US dollar index will continue to decline, and gold remains in an upward trend, with the potential to rise to around 2200 by the end of the year. Gold remains the top choice for asset allocation, and it is advisable to increase holdings during short-term corrections.

Caixin Media reported on June 1st that the Colombian branch of Zijin Mining Group's subsidiary, Continental Gold Co., Ltd., issued a statement on Twitter on May 31st, stating that on May 30th, the Buriticá gold mine was subjected to a new round of attacks. The incident resulted in one vehicle, a Robojet Alpha 30, being incinerated, and a hybrid vehicle being burned. On June 1st, Zijin Mining Group's securities department responded by stating that this attack was mainly aimed at causing disturbances on the periphery of the mining area and had no impact on the overall production system of the mining area. The staff member further said, "Currently, the company is in negotiations with the local government in Colombia to further enhance security measures."