Non-ferrous metals stocks experienced a broad decline. At the time of writing, CHINFMINING (01258) fell 3.83% to HK$12.8; CHALCO (02600) dropped 3.69% to HK$11.5; CMOC (03993) decreased 3.57% to HK$18.62; and ZIJIN MINING (02899) was down 2.91% to HK$36.74. On the news front, the WTI crude oil futures main contract surged over 4% intraday on the 23rd. Citigroup noted that if navigation disruptions in the Strait of Hormuz persist for another month, oil prices could climb to $110 per barrel. Rising energy prices are driving up inflation expectations, which in turn reduces the likelihood of interest rate cuts by major central banks. In today's morning session, COMEX copper futures fell over 1%, while the LME aluminum main contract dropped more than 1%. Soochow Securities indicated that the market has moved past the panic selling phase triggered by the sharp rise in oil prices. Subsequently, market focus will shift to the inflationary impact of a higher oil price baseline and potential changes in monetary policy due to leadership transitions at the Federal Reserve. Under the baseline scenario, it is believed that the US policy stance of fiscal and monetary accommodation will not change abruptly in the short term, maintaining the base-case judgment of a fluctuating but upward trend for precious metals.