CITIC Securities: The Fed’s interest rate cut cycle has begun, and non-ferrous metals may usher in a bull market

According to Jinshi, a CITIC Securities research report pointed out that the Fed's interest rate hike cycle has ended and the interest rate cut cycle is about to begin. The weak US dollar is expected to stimulate the "financial attributes" of non-ferrous metals. The recovery of domestic and foreign demand has promoted the growth of non-ferrous commodity consumption, the global green energy revolution continues, and domestic new productive forces are ready to develop, which is expected to start a new cycle of demand for some commodities. On the supply side, due to rigid constraints such as the prevalence of resource protectionism, insufficient capital expenditure, and supply bottlenecks, supply-limited resource products represented by copper and aluminum may usher in a bull market. The performance of minor metals is particularly impressive, as their resources are more scarce and supply Rigidity is more prominent and closely related to the development of new productive forces. The market's understanding of small metals may have a certain gap in expectations. The price center of related commodities and the valuation center of capital market equity targets are expected to achieve resonance and move upward, exiting the bull market.