HK Stock Market Move | The decline in non-ferrous metals was significant, but the export ban from Congo has limited its impact on supply. Institutions state that macroeconomic effects still need to be monitored.

The decline in colored stocks was prominent. As of the time of writing, LINGBAO GOLD (03330) fell 9.07% to HKD 20.64; CHINFMINING (01258) dropped 6.34% to HKD 14.18; MMG (01208) decreased 6.14% to HKD 8.335; and CMOC Group Limited (03993) declined 4.53% to HKD 17.28. On the news front, the Democratic Republic of the Congo recently announced a ban on copper and cobalt concentrate exports. Market participants expect minimal impact on supply. Traders estimate that the export volume of Congolese concentrate in the first quarter was about 55,000 tons, containing approximately 19,000 tons of copper, indicating that the concentrate currently represents a very small proportion of the country's total copper exports. The impact on cobalt is also negligible, as most producers export cobalt hydroxide rather than cobalt concentrate. Guotai Junan Haitong stated that in a situation of tight supply and demand balance, the supply-demand balance sheet is important, but more attention should be paid to the macroeconomic factors that core influence metal price trends. Monetary policy, macro expectations, geopolitical dynamics, and supply disruptions will become the deciding factors. Baocun Futures noted that in terms of copper, although the overseas low inventory situation is difficult to change in the short term, the current high prices have significantly suppressed domestic demand, combined with the traditional off-season demand weakness in August, leading to a slight accumulation of domestic social inventory.