Movement Alert|CMOC Falls 3.15% in Regular Trading, Fed Rate Hike Expectations Weigh on Non-Ferrous Metals Sector

Market Focus07-28

On July 28, CMOC fell 3.15% in regular trading, trading at HK$16.57/share, with turnover of HK$34.11 million.

On the news front, market expectations for a Fed rate hike within the year surged to a record 93%, pushing the US dollar index back above 101 and pressuring dollar-denominated base metal prices. The broader Hong Kong-listed non-ferrous metals sector saw collective selling, with Jiangxi Copper falling over 5%, MMG dropping over 4%, and bullish sentiment continuing to cool.

Additionally, the previously supportive Chile mine shutdown disruption has faded as actual supply impact proved limited, weakening the marginal supply-demand tailwind for copper prices. CMOC had rallied on strong first-half earnings guidance of RMB 155-165 billion in net profit (up 79%-90% YoY), but profit-taking pressure has emerged following the run-up. JPMorgan's recent reduction of its stake to 5.92% has further dampened market sentiment toward the stock.

(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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