On June 8, China Nonferrous Mining fell 8.92% in regular trading, trading at HK$13.76/share, with trading volume of HK$21.22 million. The copper sector saw broad-based weakness, with peer stocks Jiangxi Copper down 7.26%, Daye Nonferrous down 5.10%, and Jinxun Resource down 5.56%.
On the news front, U.S. May non-farm payrolls significantly beat expectations, pushing Fed rate hike expectations higher. The probability of a 25-basis-point hike in December has risen to 42.5%, with new Fed Chair Waller's hawkish-leaning stance continuing to suppress copper price upside. LME copper fell over 1% recently amid a strong dollar and off-season demand weakness. On the supply-demand side, domestic electrolytic copper rod weekly utilization rates previously declined 1.54 percentage points week-over-week, reflecting soft near-term fundamentals. Multiple factors including tightening monetary policy expectations, a stronger greenback, and subdued downstream consumption are collectively weighing on copper mining equities.
(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.)
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