Movement Alert|Jiangxi Copper Falls 3.16% in Regular Trading, Fed Rate Hike Expectations Weigh on Non-Ferrous Metals Sector

Market Focus06-05

On June 5, Jiangxi Copper fell 3.16% in regular trading, trading at 35.56 HKD/share, with trading volume of 177 million HKD. This marks the second consecutive session of decline for the stock.

On the news front, the Federal Reserve released its national economic survey report indicating that rising energy prices have pushed inflation higher. Cleveland Fed President Beth Hammack stated that if already elevated inflationary pressures continue to intensify, the Fed may soon need to restart rate hikes. According to CME FedWatch data, the probability of a cumulative 25 basis point rate hike by July has risen to 8.4%, reflecting a fundamental reversal in market expectations for monetary policy. The tightening outlook has placed sustained pressure on the non-ferrous metals sector for a second straight day.

Within the Copper sector, stocks were broadly weaker. Among peers, CHINFMINING fell 2.36%, JINXUN RESOURCE fell 4.08%, CDAYENONFER fell 4.0%, while JINCHUAN INTL and CMRU were flat.

(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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