STOCKS | Hong Kong Metals Shares Fall As Copper And Oil Prices Weaken

Hong Kong-listed metals and mining shares fell broadly, with Jiangxi Copper (00358) H shares down 3.1% to HK$32.76 and set for a fourth straight decline, according to ETNet. The stock has fallen 16.6% over the four sessions and traded about 1.72 million shares, worth HK$56.95 million. MMG (01208) dropped 2.6% to HK$8.41, China Nonferrous Mining (01258) lost 2.3% to HK$15.48, China Gold International (02099) fell 3.3% to HK$249.6, China Hongqiao (01378) declined 1.8% to HK$21.8, Chalco (02600) slipped 2% to HK$7.985, Ganfeng Lithium (01772) fell 2.2% to HK$33.42 and Tianqi Lithium (09696) dropped 2.1% to HK$31.1. The weakness came as Middle East tensions worsened, with Saudi Arabia closing a key oil pipeline that can bypass the Strait of Hormuz after Houthi attacks. Brent and WTI crude both stayed above $100 overnight, while interest-rate futures showed a more than 90% chance that the Federal Reserve will raise rates by 25 basis points this week. Copper, precious metals and base metals also retreated on worries that slower AI development could curb copper demand. LME copper fell 1.68% to $14,001 a tonne, aluminium lost 0.26% to $3,244.5, nickel dropped 0.82% to $16,334 and zinc declined 2.25% to $3,793.5. The Hang Seng Index was down 112 points, or 0.5%, at 24,804, with mainboard turnover above HK$33.5 billion.