HK Stock Market Move | CMOC Group Limited (03993) rises nearly 5% in the afternoon, as demand is concentrated, stimulating the price of molybdenum. Overseas interest rate cuts are expected to boost base metals.

CMOC Group Limited (03993) rose nearly 5% in the afternoon, rising 4.89% to 6.44 Hong Kong dollars with a trading volume of 217 million Hong Kong dollars. On the news front, according to Tungsten and Molybdenum Cloud Commerce, as of the 14th, domestic molybdenum iron and steel demand exceeded 8,700 tons in September, with large steel companies such as Baosteel, Dongbei Special Steel, Hegang, and Shagang successively entering the market, releasing concentrated demand for molybdenum inventory during the double festivals. China Securities Co., Ltd. pointed out that downstream demand during the "Golden September, Silver October" period remains strong, and molybdenum prices are expected to rise. In addition, the Federal Reserve announced a 50 basis point cut in the federal funds rate target range. Pacific Securities believes that with the start of the rate cut cycle, stronger data support for a soft landing expectation, combined with the upcoming peak demand season, it is bullish on the upward trend of base metal prices. Debon Securities also stated that as the global monetary environment transitions from tight to loose by 2024 and the domestic economy gradually recovers, the non-ferrous metal sector may experience excess returns.