According to the Zhitong Finance APP, nonferrous metal stocks are generally rising. As of the time of publication, Ganfeng Lithium (01772) rose by 6.09%, to 19.52 Hong Kong dollars; Chinahongqiao (01378) rose by 5.7%, to 11.86 Hong Kong dollars; Jiangxi Copper (00358) rose by 5.6%, to 14.7 Hong Kong dollars; Cmoc Group Limited (03993) rose by 4.53%, to 7.15 Hong Kong dollars.

On the news front, the unexpected rate cut by the Federal Reserve and the introduction of heavyweight domestic policies have boosted macro expectations. Debon Securities pointed out that in 2024, the global monetary environment is expected to shift from tight to loose, the domestic economy is gradually recovering, and the nonferrous metal sector may see excess returns. Haitong Int'l pointed out that as of September 20, domestic copper and London copper inventories were down by 11.1% and -2.6% weekly, respectively, reflecting increased market demand. Seasonal stockpiling demand before the Mid-Autumn Festival combined with anticipated stockpiling ahead of National Day further reduced market supply, providing support for copper prices. As for aluminum prices, disruptions on the supply side of alumina have tightened spot supply, supporting alumina prices, providing upward momentum to aluminum from the electrolytic aluminum cost side, coupled with improved downstream consumption, aluminum prices may have a tendency to run stronger.