华福证券认为，旺季将至精代废及刚需采购已带动全球铜开始去库叠加降息预期提升以及美经济软着陆，铜价重回上涨趋势。美大选不确定性叠加全球两大经济体的不确定性，金价上涨远未结束；中长期美联储降息方向确定、央行及政治经济不确定性带来的避险需求推动持续上涨，金价上涨趋势确定下，白银因投资属性更强弹性更大。Nonferrous stocks rose across the board in the morning trading. As of the time of publication, China Aluminum International (02068) rose 4.49% to HK$1.63; Jiangxi Copper (00358) rose 4.21% to HK$13.86; CMOC Group Limited (03993) rose 4.07% to HK$6.65.
According to the Futu Securities app, nonferrous stocks rose across the board in the morning trading. As of the time of publication, China Aluminum International (02068) rose 4.49% to HK$1.63; Jiangxi Copper (00358) rose 4.21% to HK$13.86; CMOC Group Limited (03993) rose 4.07% to HK$6.65; Ganfeng Lithium (01772) rose 2.56% to HK$18.46; Lingbao Gold (03330) rose 2.42% to HK$3.38.
On the news front, the Federal Reserve Chairman hinted at an upcoming interest rate cut, increasing expectations for a rate cut in September. The weakness and volatility of the US dollar index and the resonance in the nonferrous metals market. Last week, precious metal COMEX gold rose 0.10%, COMEX silver rose 4.14%, Industrial metal LME aluminum, copper, zinc, lead, nickel, and tin changed by 6.99%, 1.31%, 5.34%, 3.28%, 1.58%, and 3.11% respectively. Pacific Securities pointed out that with the support of soft landing data and strengthened expectations, the bank is bullish on the continued rise in base metal prices.
Huafu Securities believes that the upcoming peak season, the recycling and procurement of non-ferrous metals driven by precision and essential demand, combined with the increase in interest rate expectations and the soft landing of the US economy, has brought copper prices back to an upward trend. The uncertainty of the US presidential election combined with the uncertainty of the two major economies in the world, the rise in gold prices is far from over; the long-term direction of the Federal Reserve's interest rate cut, the hedging demand brought about by central banks and political and economic uncertainty, continue to drive the upward trend of gold prices, and silver has greater elasticity due to its stronger investment properties.
