Non-ferrous metal stocks came under broad pressure, with MMG (01208) falling 5.95% to HK$7.91, CMOC (03993) dropping 4.92% to HK$14.48, ZIJIN GOLD INTL (02259) declining 4.09% to HK$140.8, and CHALCO (02600) slipping 3.39% to HK$7.4 as of press time.

On the news front, U.S. September core CPI rose more than expected, prompting traders to significantly increase bets on a Federal Reserve rate hike in October. As a result, the dollar index and U.S. Treasury yields surged sharply, weighing on non-ferrous commodities.

However, CITIC Securities noted that currently, valuations for non-ferrous equity assets such as gold, copper, and aluminum are all at low levels. Persistent inflows into gold ETFs have effectively counteracted pressure from the dollar and U.S. Treasuries, stabilizing gold prices. Capital is flowing back to position in gold stocks, and gold equities may rally ahead of the gold price. Among base industrial metals, copper is benefiting from supply-side disruptions, with the spot market remaining tight and copper prices showing strength. Aluminum, meanwhile, is resisting long-term oversupply concerns with low inventories, demonstrating highly resilient pricing.