The Zhitong Finance App learned that non-ferrous stocks rebounded collectively in early trading. As of press release, China's Hongqiao (01378) rose 6.19% to HK$10.3; Zijin Mining (02899) rose 3.43% to HK$16.9; Jiangxi Copper (00358) rose 3.4% to HK$15.82; and China Aluminum (02600) rose 3.36% to HK$4.92.

CITIC Futures released a research report saying that on April 23, the Shanghai Tin Index fell sharply by about 9 percentage points, the Shanghai Copper Index also fell by more than 2 percentage points, and the Metal Sector Index fell by more than 2 percentage points. The bank believes that it is mainly due to the recent excessive increase, and the settlement of capital concentration profits has driven the general decline. Overall, the factors driving the sharp rise in the non-ferrous metals sector have loosened, but there have been no fundamental changes. We can continue to focus on low absorption opportunities for supply-side restricted varieties.

CITIC Securities pointed out earlier that the current demand resilience for electrolytic aluminum has significantly exceeded expectations. It is expected that the domestic electrolytic aluminum industry will show a tight balance trend during the year, and aluminum prices and tons of aluminum profits will remain high. CICC, on the other hand, pointed out that in the medium to long term, among the driving factors of this round of copper price increases, demand improvement is a necessary condition, but supply-side problems have been priced to a greater extent. If supply risks subside, copper prices will face the risk of a pullback.