On May 20, non-ferrous stocks generally opened higher in early trading. As of press release,$MMG (01208.HK)$Up 8.1% to HK$4.4;$ZHAOJIN MINING (01818.HK)$Up 5.52% to HK$15.3;$CHINFMINING (01258.HK)$Up 6.94% to HK$8.828;$CHINAHONGQIAO (01378.HK)$It rose 4.20% to HK$12.4.
According to the news, non-ferrous metals are collectively rising, benefiting from expectations of the Federal Reserve's interest rate cut and the domestic economic situation improving. Among them, spot silver reached the $32 per ounce mark, continuing to hit a new high in 11 years; spot gold broke through the historic high of 2431.43 US dollars/ounce set in April; in addition, the price of copper has risen from 70,000 to the current 85,000 line since March.
Galaxy Securities pointed out that although the overall performance growth rate of the 2024Q1 industry accelerated and caught up, structural improvements have improved, and some subsectors have shown signs of reversal. Domestic economic recovery and market transactions in anticipation of the Federal Reserve's interest rate cut have begun to show positive feedback. Prices of non-ferrous metals such as gold, copper, zinc, and tin jumped in March and April, which will drive the average price of non-ferrous metals and the center of non-ferrous metal companies to rise markedly in the second quarter.