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Hong Kong stocks anomaly | Copper stocks rebound in early morning trading, the world's largest copper mine is negotiating labor and capital this institutions indicate that copper prices are expected to rise upward.
Copper stocks rebounded in early trading. As of publication, Chinfmining (01258) rose 3.9%, to HK$5.33; mmg (01208) rose 3.57%, to HK$2.32; Jiangxi Copper (00358) rose 1.8%, to HK$13.56.
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.
Chinfmining (01258.HK) will hold a board of directors meeting on August 29th to approve its mid-term performance.
China Molybdenum Co., Ltd. (01258.HK) announced that the board of directors will hold a meeting on August 29, 2024, to discuss the following matters: (1) review and approve the unaudited interim financial report for the six months ended June 30, 2024 of the company and its subsidiaries, and approve the interim results announcement to be published on the HKEX and company website; (2) consider distribution of interim dividend (if any).
CHINFMINING: NOTICE OF BOARD OF DIRECTORS' MEETING
Rate cut in September? Wall Street analysts interpret the Fed's decision: not so absolute.
The Federal Reserve has sent a message to the public that they do not want investors to be certain that they will cut interest rates by 25 basis points in September, because there is still more economic data to consider before September.
HK stock moves | Chinfmining (01258) rises over 4%, leading gains in copper industry stocks. Powell's dovish comments boost market sentiment and copper prices are expected to enter a short-term biased strong volatility.
Most of the copper stocks rose in early trading. As of press time, Chinfmining (01258) rose 4.14% to HKD 5.79; Chinagoldintl (02099) rose 2.58% to HKD 43.70; Wanguo Mining (03939) rose 1.53% to HKD 7.29.
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