--- title: "Understanding the Market | Non-ferrous stocks lead the decline, Middle East conflict creates a dilemma for central bank policies, metals are sensitive to macro interest rates" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/280081679.md" description: "Non-ferrous stocks fell sharply, with CHIFENG GOLD down 21.63%, SD-GOLD down 6.56%, China Aluminum down 5.29%, and Jiangxi Copper down 5.09%. The conflict between the U.S. and Iran has led to rising oil prices, putting the central bank's policy in a dilemma, and the market expects that the Federal Reserve may not cut interest rates. Precious metals and industrial metals are sensitive to macro interest rates and have declined overall. Guotai Securities believes that gold performs well during recessions and recommends prioritizing allocation. Rising oil prices are driving new energy to replace traditional energy, increasing copper demand" datetime: "2026-03-23T01:44:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280081679.md) - [en](https://longbridge.com/en/news/280081679.md) - [zh-HK](https://longbridge.com/zh-HK/news/280081679.md) --- > 支持的语言: [English](https://longbridge.com/en/news/280081679.md) | [繁體中文](https://longbridge.com/zh-HK/news/280081679.md) # Understanding the Market | Non-ferrous stocks lead the decline, Middle East conflict creates a dilemma for central bank policies, metals are sensitive to macro interest rates According to Zhitong Finance APP, the decline in non-ferrous stocks is significant. As of the time of publication, CHIFENG GOLD (06693) is down 21.63%, trading at HKD 32.98; SD-GOLD (01787) is down 6.56%, trading at HKD 30.46; China Aluminum (02600) is down 5.29%, trading at HKD 10.57; Jiangxi Copper (00358) is down 5.09%, trading at HKD 34.28. On the news front, the escalation of the US-Iran conflict has caused Brent crude oil to break through USD 110. Recently, several central banks, including the Federal Reserve, held interest rate meetings and adopted a wait-and-see strategy, indicating that the ongoing escalation of the Middle East conflict is increasing the dilemma for central bank policies. Guotai Securities released a research report stating that as the US-Iran conflict continues, oil prices are rising, and the market has begun to price in that the Federal Reserve will not cut interest rates this year, and there may even be a possibility of rate hikes in the first half of next year. Precious metals and industrial metals are sensitive to macro rates, leading to a situation of multiple sell-offs, causing the non-ferrous sector to decline overall. CITIC Construction Investment released a research report stating that assuming a recession occurs, gold is expected to perform relatively well and should be prioritized for allocation after liquidity shocks. Additionally, the uncontrolled surge in oil prices is driving the accelerated replacement of traditional energy with new energy, thereby increasing copper demand. In the context of the US-Iran conflict, the losses on the aluminum supply side are currently masked by prevailing panic sentiment, making it a mispriced variety ### 相关股票 - [CHIFENG GOLD (600988.CN)](https://longbridge.com/zh-CN/quote/600988.CN.md) - [SD-GOLD (600547.CN)](https://longbridge.com/zh-CN/quote/600547.CN.md) - [Guotai CSI Non-ferrous Metal ETF (159881.CN)](https://longbridge.com/zh-CN/quote/159881.CN.md) - [China Southern CSI SWS Non-Ferrous Metal ETF (512400.CN)](https://longbridge.com/zh-CN/quote/512400.CN.md) - [MaxWealth CSI SH-SZ-HK Gold Industry Equity ETF (517520.CN)](https://longbridge.com/zh-CN/quote/517520.CN.md) - [Wanjia CSI Industry Non-Ferrous Metal Theme ETF (560860.CN)](https://longbridge.com/zh-CN/quote/560860.CN.md) - [Guotai CSI Non-Ferrous Metal Kuangye Theme ETF (561330.CN)](https://longbridge.com/zh-CN/quote/561330.CN.md) ## 相关资讯与研究 - [Ucore, Vulcan sign MoU to build US rare earth magnet supply chain](https://longbridge.com/zh-CN/news/280346844.md) - [Chifeng Jilong Plans Name Change and Governance Updates to Reflect Group Expansion](https://longbridge.com/zh-CN/news/280052661.md) - [Power Metal buys into Chilean copper developer Next Minerals](https://longbridge.com/zh-CN/news/279899640.md) - [Zijin Mining Pumps $2.5B Into Chifeng Gold to Grab Controlling Stake](https://longbridge.com/zh-CN/news/280154694.md) - [Vatican launches project encouraging disinvestment from mining sector](https://longbridge.com/zh-CN/news/279946054.md)