Hong Kong Stocks Movement | Nonferrous Metals Sector Under Pressure: CMOC (03993) Drops Nearly 4%, JIANGXI COPPER (00358) Falls Over 3%

Stock News11-21

Nonferrous metals stocks declined across the board. At the time of writing, CMOC (03993) dropped 3.83% to HK$15.32, JIANGXI COPPER (00358) fell 3.22% to HK$29.42, LINGBAO GOLD (03330) slid 2.8% to HK$15.29, and CHALCO (02600) decreased 2.51% to HK$10.86.

The sector's weakness followed diminished expectations for a Fed rate cut in December, pushing the U.S. dollar index back above the 100-point threshold. The latest U.S. jobs data showed September nonfarm payrolls rose by 119,000, more than double expectations, though July and August figures were revised down by a combined 33,000. The unemployment rate unexpectedly climbed to 4.4%, the highest since October 2021, while initial jobless claims fell by 8,000 to 220,000 last week. Continuing claims hit a four-year high. Post-data, swaps contracts further reduced bets on a December Fed rate cut.

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