HK Stock Market Move | Nonferrous metals stocks fall collectively; hotter-than-expected U.S. September inflation boosts rate hike bets; most nonferrous commodities under pressure.

Nonferrous metals stocks are under collective pressure. As of press time, MMG (01208) fell 5.95% to HK$7.91; CMOC Group Limited (03993) dropped 4.92% to HK$14.48; ZIJIN GOLD INTL (02259) declined 4.09% to HK$140.8; Aluminum Corporation Of China (02600) fell 3.39% to HK$7.4. On the news front, U.S. September core CPI rose more than expected, prompting traders to sharply increase bets on a Federal Reserve rate hike in October. As a result, the dollar index and U.S. Treasury yields surged, weighing on nonferrous commodities. However, China Securities Co.,Ltd. noted that currently, the PE ratios of nonferrous equities such as gold, copper, and aluminum are all at low levels. Continuous inflows into gold ETFs have effectively resisted pressure from the dollar and U.S. Treasuries, stabilizing gold prices. Capital is flowing back to position in gold stocks, which may start moving before gold prices do. Among base industrial metals, copper is benefiting from supply-side disruptions, with the spot market remaining tight and copper prices showing strength; aluminum, with its low inventory, is countering long-term oversupply concerns, and its price is highly resilient to declines.