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Aluminum, Copper, Lithium, Rare Earth Magnet Stocks Rally Collectively as CN Lowers Growth Target for 10 Non-ferrous Metals Output, Expected to Benefit Mkt Balance
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China reduced its annual average growth target for the output of ten non-ferrous metals from 5% over the past 2 years to 1.5%. The market believed that this reflects the Chinese government's commitment to balancing supply security, industry upgrade and decarbonization. Meanwhile, the Chinese government increased investment in recycling, with a target to produce over 20 million tons of recycled metals annually by 2026, and expanding the reuse of waste batteries, solar panels and other waste materials. Major non-ferrous metals and resource stocks prospered this morning (29th). At the close of trading near noon, aluminum giant CHINAHONGQIAO (01378.HK) last printed at $25.74, mounting 3.12%, with a turnover of $345 million. Its peer CHALCO (02600.HK) last printed at $7.8, up 3.31%, with a turnover of $295 million. Copper mining stocks collectively inclined. ZIJIN MINING (02899.HK) last ballooned 3.36% to $31.4, with a turnover of $1.282 billion. CMOC (03993.HK) leaped 3.79% to $14.5, with a turnover of $459 million. JIANGXI COPPER (00358.HK) elevated 3.04% to $27.76, with a turnover of $256 million. Furthermore, MMG (01208.HK) was flat at $6.26, with a turnover of $356 million. CHINFMINING (01258.HK) jumped up 4.71% to $14.01, with a turnover of $195 million. Lithium stocks surged. GANFENGLITHIUM (01772.HK) swelled 6.07% to $39.52, with a turnover of $753 million. TIANQI LITHIUM (09696.HK) advanced 5.27% to $42.38, with a turnover of $212 million. Rare-earth magnet stock JLMAG (06680.HK) climbed 2.57% to $22.32, with a turnover of $78.4853 million. AASTOCKS Financial News Website: www.aastocks.com |
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