Changes in Hong Kong stocks | Copper stocks are once again weakening, tariffs are expected to stop, and the Fed's interest rate hike narrative further suppresses copper prices

The Zhitong Finance App learned that copper stocks weakened again. As of press release, Minmetals Resources (01208) fell 3.47% to HK$8.755; China Nonferrous Mining (01258) fell 3.45% to HK$15.93; China Gold International (02099) fell 2.1% to HK$261; Jiangxi Copper (00358) fell 1.89% to HK$34.4.

According to the news, recent reports say that the White House has yet to make a decision on refined copper tariffs. The “moving copper across the ocean” arbitrage logic that previously supported copper prices has loosened, triggering a concentrated squeeze out of expected tariff premiums. After the report was released, copper prices, which had risen for many days and once soared to record highs, suddenly “dived”. LME and COMEX copper prices both fell by more than 4% on the same day.

It should be noted that market concerns about the outlook for inflation and the direction of the Federal Reserve's policy are heating up, putting some downward pressure on copper prices. According to data released by the US Bureau of Labor Statistics on September 11, the US core CPI inflation rate rebounded more than expected in August. According to the data, after the August inflation data was released, the market's pricing for the September interest rate hike of 25 basis points once rose from about 70% to close to 90%.