HK Stock Market Move | Colored stocks lead the decline, copper and aluminum stocks accumulate significantly during the Spring Festival, and the peak season for colored stocks will face a test.

Colored stocks lead the decline. As of the time of writing, Aluminum Corporation Of China (02600) fell by 5.24% to HK$13.74; CHINFMINING (01258) fell by 4.15% to HK$12.7; JIANGXI COPPER (00358) fell by 3.81% to HK$40.34; Zijin Mining Group (02899) fell by 3.48% to HK$39.44. On the news front, according to data from the London Metal Exchange (LME), copper inventories in its tracking warehouse increased by 20,675 tonnes to 282,200 tonnes. The tonnage increase is the largest since August 2024, and the current inventory level is the highest since October 2024. In the week of February 27th, copper inventories in Shanghai accumulated significantly, with weekly inventories increasing by 43.69% to 391,529 tonnes, reaching a new high in nearly ten years. Orient released a research report stating that industrial metals have accumulated significantly during the holiday season, and the upcoming peak season will be a period of validation. In the short term, the risk aversion sentiment brought about by the conflict in the Middle East may have a certain impact on industrial metal prices, but the prices are fundamentally anchored in supply and demand. The US January SIM manufacturing PMI surged to 52.6, strengthening expectations for demand support. Domestically, copper and aluminum inventories increased significantly during the Spring Festival, and as production resumes after the holiday, the peak season will be a test, with a focus on the post-holiday destocking efforts.