Changes in Hong Kong stocks | Non-ferrous stocks have the highest decline. The market is concerned about the central banks' subsequent interest rate policy path, and non-ferrous metals are under pressure across the board

The Zhitong Finance App learned that non-ferrous stocks had the highest decline. As of press release, Jiangxi Copper (00358) fell 6.57% to HK$33.56; Luoyang Molybdenum (03993) fell 6.27% to HK$17.93; China Aluminum (02600) fell 4.73% to HK$10.88; Zijin Mining (02899) fell 4.54% to HK$32.4.

According to the news, the market expects the Bank of Japan to adjust the pace of interest rate hikes; ECB Executive Director Schnabel's hawkish speech prompted the market to bet on interest rate hikes next year; and the insufficiently dovish remarks made by Federal Reserve Shadow Chairman Hassett also damned expectations of next year's interest rate cuts. Analysts pointed out that the market has almost absorbed expectations that the Federal Reserve will cut interest rates this week, but investors believe that its policy statement and Chairman Powell's speech may suggest that the threshold for further interest rate cuts has been raised.

Orient Securities previously pointed out that under the current cycle of interest rate cuts, the industrial metals supercycle represented by copper and aluminum may have arrived. The bank is optimistic about the demand for copper in US electricity investment in 2026, the demand for aluminum driven by energy storage and replacement demand, and the sharp rise in industrial metal prices driving inflation expectations. The suggestion is to focus on the copper, aluminum, and gold sector.