银河证券指出，9月美联储议息会议宣布降息，首次降息50个基点的幅度超出市场预期，市场对美国经济衰退的担忧有所消退，且“金九银十”国内进入开工与消费旺季，下游加工端开工率环比提升，有色金属行业需求改善，铜铝等全球主要的有色金属品种库存持续去化。而9月底国内中央政治局会议强调经济稳增长，央行出台降息降准等一系列政策，且财政政策等其他政策的出台预期也在加强。市场在超预期政策的支持下对国内经济形势预期好转，有望进一步推动有色金属价格与有色金属行业景气度的上行。Nonferrous metal stocks performed strongly. As of the time of publication, Aluminum Corporation of China (02600) rose by 8.98%, closing at HK$6.19; Jiangxi Copper (00358) rose by 7.13%, closing at HK$15.62; Chinahongqiao (01378) rose by 6.83%, closing at HK$13.14; Zijin Mining Group (02899) rose by 4.36%, closing at HK$17.24.
According to the Wisdom Financial APP, nonferrous metal stocks performed strongly. As of the time of publication, Aluminum Corporation of China (02600) rose by 8.98%, closing at HK$6.19; Jiangxi Copper (00358) rose by 7.13%, closing at HK$15.62; Chinahongqiao (01378) rose by 6.83%, closing at HK$13.14; Zijin Mining Group (02899) rose by 4.36%, closing at HK$17.24.
GTJA pointed out that the unexpectedly positive data on non-farm employment and unemployment rates in the United States in September, coupled with the warming expectation of a soft landing in the U.S. economy and the retreat of interest rate cut expectations, may put pressure on gold and silver prices. Domestically, a series of heavy positive policies have been frequent, effectively boosting market confidence. Following that, it is necessary to pay attention to changes in market sentiment. However, the current peak season demand continues to provide support for the prices of industrial metals.
Galaxy Securities pointed out that the Fed's interest rate meeting in September announced a rate cut, with the magnitude of the first rate cut of 50 basis points exceeding market expectations. Concerns about a U.S. economic recession have somewhat alleviated, and with the arrival of the 'Golden September, Silver October' peak construction and consumption season domestically, the operating rates of downstream processing have increased month-on-month, improving demand in the nonferrous metal industry. The continuous destocking of inventory for major global nonferrous metal varieties such as copper and aluminum is observed. By the end of September, the Central Political Bureau meeting in China emphasized economic stability and growth, where the central bank introduced a series of policies such as interest rate cuts and reserve ratio cuts. Expectations for the introduction of fiscal and other policies are also strengthening. With the support of policies exceeding expectations, the market envisions a turning point in the domestic economic situation, further boosting the upward trend in nonferrous metal prices and the overall prosperity of the nonferrous metal industry.
