On May 20, China Nonferrous Mining fell 3.28% in regular trading, trading at HKD 13.01/share, with trading volume of approximately HKD 10.08 million, extending a multi-day pullback.
On the news front, the stock had previously surged over 9% during May 12-13, driven by Q1 net profit growth of approximately 63% year-over-year and international copper prices running above USD 14,000/ton. Short-term profit-taking pressure has continued to weigh on the stock since then. Meanwhile, US April PPI rose 6% year-over-year, far exceeding market expectations, fueling Fed rate hike expectations that suppress upside potential for non-ferrous metals. Institutions have noted that short-term copper demand remains soft.
Within the Copper sector, the overall performance was weak. Among individual stocks, JIANGXI COPPER down 2.44%, JINXUN RESOURCE down 1.0%, CDAYENONFER down 0.93%, JINCHUAN INTL flat, CMRU flat, reflecting broad sector pressure.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments