Hong Kong stocks of CMRU surged over 70% during the session, rising more than 500% in three trading days

On the morning of November 29th, Hong Kong stock China Metal Recycling surged over 70% at one point, with a gain of over 500% in three trading days. As of the time of publication, the gain has narrowed to around 20%. In terms of news, according to market reports, starting from December 1st, China will cancel the export tax rebate policy for certain aluminum and copper products. The previous rebate rate of up to 13% will undoubtedly lead the industry to face significant cost changes. Affected by the cancellation of the export tax rebate policy for aluminum, combined with suppressed market sentiment for alumina futures, Shanghai aluminum prices have shown a general trend of fluctuating downward over the past two weeks. Several industry insiders pointed out that the cancellation of the export tax rebate policy also indirectly reflects the industry's confidence in the strong overseas demand for China's copper and aluminum products. In the long term, this policy adjustment will improve the previous situation of low-priced exports of basic energy materials from China and reduce the price gap between domestic and overseas production. The policy is also likely to accelerate the reshuffling of the copper and aluminum industry