Non-ferrous stocks were generally higher. As of press release, Ganfeng Lithium (01772) rose 6.09% to HK$19.52; China Hongqiao (01378) rose 5.7% to HK$11.86; and Jiangxi Copper (00358) rose 5.6% to HK$14.7.
The Zhitong Finance App learned that non-ferrous stocks were generally higher. As of press release, Ganfeng Lithium (01772) rose 6.09% to HK$19.52; China Hongqiao (01378) rose 5.7% to HK$11.86; Jiangxi Copper (00358) rose 5.6% to HK$14.7; and Luoyang Molybdenum (03993) rose 4.53% to HK$7.15.
According to the news, the Federal Reserve cut interest rates beyond expectations and introduced major domestic policies, boosting macroeconomic expectations. Debon Securities pointed out that in 2024, the global monetary environment will shift from tight to loose, and the domestic economy will gradually recover, and the non-ferrous metals sector may experience excess profits. Haitong International pointed out that on September 20, domestic Shanghai copper and London copper inventories were -11.1% and -2.6%, respectively, year-on-week, reflecting an increase in market demand. The demand for seasonal stocking before the Mid-Autumn Festival, combined with the expected preparation before the National Day, further reduced market supply and provided support for copper prices. In terms of aluminum prices, the supply side of the alumina market is turbulent. Spot stocks strongly support alumina prices, giving electrolytic aluminum upward momentum from the cost side of electrolytic aluminum. Combined with the improvement in downstream consumption, aluminum prices may operate strongly.