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Ping An Securities: The pricing utility of gold as a currency is prominent and the copper-gold ratio has been distorted in the past two years.
Ping An Securities believes that the recent trend of copper-to-gold ratio is distorted. The current copper valuation is relatively low, and copper prices are expected to undergo upward correction.
Founder Securities: Prices of non-ferrous industry and industrial metals are weakening, and gold prices are reaching new highs.
Domestic demand for industrial metals has entered the off-season, coupled with increasing expectations of a U.S. economic downturn. Industrial metal prices may remain weak, and attention can be paid to downstream demand changes in the off-season. In addition, the expectation of interest rate cuts is gradually fermenting, coupled with the weakening of the U.S. credit system, and the short-term gold price may maintain a high-level shock trend.
China Daye Non-Ferrous Metals Mining to Provide Services to CCIA
Copper stocks collectively fell and MMG (01208) fell by 6.49%. Institutions point out that copper prices will adjust in the short term while the supply side remains in a very low position overall.
Jingu Finance News | Copper stocks collectively fell, MMG (01208) fell by 6.49%, Chinfmining (01258) fell by 3.91%, Chinagoldintl (02099) fell by 2.97%, Cdayenonfer (00661) fell by 2.74%, Jiangxi Copper (00358) fell by 2.31%. Tianfeng stated that the overall supply side is still in a very low position, and the market is concerned about the progress of negotiations in the mid-year, with ample supply of crude copper and anode plates, a smaller impact from copper mines, and an increase in recycled copper smelting output, resulting in little impact on refinery production. On the demand side, the current market is facing the off-season effect.
Copper Falls After Hawkish Fedspeak as Record Rally Loses Steam
China Daye Nonferrous Metals (00661.HK) plans to provide certain services to China National Aluminum
Gelonghui, May 30, 丨 China Daye Nonferrous Metals (00661.HK) announced that on May 30, 2024, the company and China National Aluminum entered into a service framework agreement with China National Aluminum for the Group to provide certain services to China Aluminum. The Group will provide a number of services to China Aluminum, including commissioning guidance services, pre-employment training services, operation and maintenance services, and other services agreed upon by the parties from time to time.
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