Changes in Hong Kong stocks | Copper stocks fell again, and the US CPI exceeded expectations in October, and the strengthening of the US dollar directly suppressed copper prices

The Zhitong Finance App learned that copper stocks fell again. As of press release, China Nonferrous Mining (01258) fell 4.4% to HK$11.31; Luoyang Molybdenum (03993) fell 3.95% to HK$12.15; China Gold International (02099) fell 2.82% to HK$172.3; Jiangxi Copper (00358) fell 2.53% to HK$23.84.

According to news, recently, according to data released by the US Bureau of Labor Statistics, core CPI rose 0.3% month-on-month in October, higher than market expectations of 0.2%; overall CPI rose 0.4% month-on-month, which also exceeded expectations of 0.3%. Affected by this, Lun Copper and Shanghai Copper weakened one after another overnight. Huatai Futures pointed out that the US CPI exceeded expectations in October, expectations of the Federal Reserve's interest rate hike heated up, and the strengthening of the US dollar directly suppressed copper prices. At the same time, the concentrated inflow of imported supplies led to a sharp drop in rising water. Downstream prices were suppressed by high costs, procurement was weak, and short-term fluctuations in copper prices were weak.

Everbright Futures believes that after the US CPI data for October exceeded expectations, the probability of the Fed's interest rate hike in December was fully priced, and the probability price of raising interest rates by 50 basis points increased. Furthermore, overseas investment banks collectively raised their expectations of the Fed's interest rate hike, especially the possibility of another rate hike in the first quarter of 2027. Short-term copper prices are affected by macroeconomics, but in the medium term, copper prices are expected to continue to fluctuate and weaken. The core contradiction is the game between “overseas AI and America's copper-hoarding narrative” and fundamental support under “extremely low domestic inventories+extreme rise.”