Copper stocks led gains in Hong Kong's market. As of press time, JIANGXI COPPER (00358) rose 3.26% to HKD 32.92, CMOC (03993) gained 3.19% to HKD 17.17, CHINFMINING (01258) climbed 3.03% to HKD 15.3, and ZIJIN MINING (02899) advanced 2.58% to HKD 33.46.

Recent reports indicate growing divisions within the Federal Reserve, casting uncertainty over the path to rate cuts. Fed Chair Jerome Powell has rarely faced such internal disagreement during his nearly eight-year tenure. Officials are split on whether persistent inflation or a sluggish labor market poses a greater threat, and even restored official economic data may not bridge the gap. While investors still see a high likelihood of a rate cut at the next meeting, this division complicates what seemed a feasible plan less than two months ago.

On November 12 local time, the U.S. House of Representatives passed a temporary funding bill previously approved by the Senate, marking a decisive step toward ending the longest government shutdown in U.S. history.

Guangzhou Futures noted that as the U.S. government shutdown nears its end, macroeconomic risks have eased. However, uncertainty in economic data leaves room for market speculation about a potential December rate cut.

On the industrial front, expectations of raw material shortages due to copper mine accidents have been largely priced in. The focus now shifts to actual supply constraints passing through to the smelting sector. While current prices have solid support, breaking previous highs would require stronger catalysts and renewed heavy capital inflows, suggesting a range-bound trend in the near term.