Changes in Hong Kong stocks | Non-ferrous metals fall ahead of the Congolese export ban's impact on supply Limited agency says we still need to pay attention to the macro impact

The Zhitong Finance App learned that non-ferrous stocks had the highest decline. As of press release, Lingbao Gold (03330) fell 9.07% to HK$20.64; China Nonferrous Mining (01258) fell 6.34% to HK$14.18; Minmetals Resources (01208) fell 6.14% to HK$8.335; and Luoyang Molybdenum (03993) fell 4.53% to HK$17.28.

According to the news, the Democratic Republic of the Congo (DRC) recently announced a ban on the export of copper-cobalt concentrates. Market participants expect little impact on supply. Traders estimate that the export volume of Congolese concentrate in the first quarter was about 55,000 tons, containing about 19,000 tons of copper, indicating that concentrate currently only accounts for a very small proportion of the country's total copper exports. The impact of cobalt is also negligible, as most producers export cobalt hydroxide rather than cobalt concentrate.

Cathay Pacific Haitong Securities said that in a situation where there is a tight balance between supply and demand, the supply-demand balance sheet is important, but more attention should be paid to the core influence of macro on metal price trends. Monetary policy, macroeconomic expectations, geographical games, and supply disturbances will be the winners and losers. Bosung Futures pointed out that in terms of copper, although the pattern of low overseas inventories is difficult to change in the short term, the current high prices have clearly curtailed domestic demand. Coupled with weak demand during the traditional off-season in August, domestic social inventories have accumulated slightly.