Stock Track | MMG Plummets 6.18% Intraday as Rate Hike Fears Weigh on Metals Sector

Stock Track

May 15

MMG's stock plummeted 6.18% during intraday trading on Friday, as the non-ferrous metals sector faced broad selling pressure.

The decline was driven by market concerns over potential Federal Reserve interest rate hikes following hotter-than-expected U.S. producer price data. The April Producer Price Index rose 6% year-on-year, the highest level since December 2022, while core PPI increased 5.2% annually, both significantly exceeding forecasts. Rising costs in energy and transportation, coupled with services inflation hitting a four-year high, fueled expectations for further monetary tightening.

Analysts noted that while copper prices remain strong, upward resistance may gradually emerge due to high prices suppressing procurement willingness. Additionally, downstream demand for metals like aluminum has shown signs of weakness as the sector enters a seasonal lull, with the market characterized by robust supply against weaker demand.

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The April Producer Price Index rose 6% year-on-year, the highest level since December 2022, while core PPI increased 5.2% annually, both significantly exceeding forecasts. Rising costs in energy and transportation, coupled with services inflation hitting a four-year high, fueled expectations for further monetary tightening.</p><p>Analysts noted that while copper prices remain strong, upward resistance may gradually emerge due to high prices suppressing procurement willingness. 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