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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.
Copper stocks are under pressure. Chinfmining (01258) fell 4.07%. Institutions point to weak demand in the copper rod market.
Copper stocks were under pressure, with Chinfmining (01258) falling 4.07%, Chiho Env (00976) falling 3.92%, Jiangxi Copper (00358) falling 2.73%, and mmg (01208) falling 1.3%. Galaxy Securities said that last week, SHFE copper prices fell by 1.52% to 78,950 yuan/ton, SHFE copper stocks fell by 1.72% to 0.3161 million tons, domestic copper concentrate prices fell by 1.50% to 65,688 yuan/ton, and imported copper concentrate TC was $1.0/ton. On the supply side, shipping is generally normal, and smelters are under maintenance.
Chiho Environmental Group (00976.HK): Zhang Wei resigns as CEO.
Chiho Environmental Group (00976.HK) announced on June 25th that Mr. Zhang Wei has resigned as the company's CEO due to the need to devote more time to other personal affairs, effective from June 25, 2024.
Express News | Chiho Environmental - Zhang Wei Tendered Resignation as CEO
Copper Falls After Hawkish Fedspeak as Record Rally Loses Steam
Copper sector under pressure, Chinagoldintl (02099) falls by 7.26%. Market's bullish sentiment cools down and the prospects for copper demand are being questioned.
Jingu Caixun | Copper sector came under pressure in early trading, with China Gold International (02099) falling 7.26%, Jiangxi Copper (00358) falling 4.86%, and China Nonferrous Mining (01258), MMG (01208), and Chiho Environmental (00976) all falling over 3%. According to Zhuochuang Information, the U.S. non-farm payroll data was released on the evening of June 7th. The number of non-farm employment in May increased by 272,000, significantly higher than expected, which reduced market expectations of interest rate cuts later this year, and the U.S. dollar index rebounded, suppressing copper price increases. The SHFE copper was closed for the three-day Dragon Boat Festival holiday, while the LME copper fell on June 7th following this news.
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