Silver watch: Non-ferrous metal shares extend losses in Hong Kong as dollar climbs back above 100
silver is back in focus as non-ferrous metal shares extended losses in Hong Kong trading, with pressure building from a stronger US dollar and fresh macro and geopolitical strain. As of press time (ET), declines widened across the sector during the afternoon session in Hong Kong. The selling comes as energy infrastructure in the Middle East was struck, February PPI data far exceeded expectations, and the Federal Reserve’s hawkish signals pushed expectations for rate cuts lower this year, with the US dollar returning above the 100 mark.
Hong Kong non-ferrous metal stocks slide further in the afternoon
The downturn broadened into the afternoon, with several prominent counters posting steep moves. As of press time (ET), Lingbao Gold was down 10. 47% at HKD 24. 62, while Zijin Gold International fell 9. 02% to HKD 167. 4.
Additional names were also under pressure. China Nonferrous Metals Mining declined 8. 24% to HKD 11. 25; Aluminum Corporation of China slipped 6. 39% to HKD 11. 57; and Luoyang Molybdenum dropped 5. 38% to HKD 17. 6.
Dollar above 100, inflation signals, and Middle East strikes tighten the squeeze on Silver-linked sentiment
Several forces converged on the sector at once. On the geopolitical front, energy infrastructure in the Middle East was struck, an event that fed into a broader rise in market anxiety. On the macro side, February PPI data far exceeded expectations, lifting inflationary pressures and adding to volatility across risk assets.
Policy expectations also shifted. The Federal Reserve’s hawkish signals prompted a reduction in rate cut expectations for the year, and the US dollar returned above the 100 mark—another headwind for non-ferrous metals broadly. In this environment, silver remains part of the wider precious-metals narrative being shaped by cross-currents in inflation, rates, and geopolitics.
Immediate reactions from Huatai Futures and Shenwan Hongyuan
Huatai Futures said that the continued rise in oil prices has intensified market concerns about a potential recession, underscoring the sensitivity of commodity-linked sectors to energy shocks.
Shenwan Hongyuan said the recent escalation of geopolitical tensions in the Middle East, combined with rising energy prices, has heightened stagflation concerns and asset volatility—conditions that are weighing on the entire sector.
Quick context: deglobalization theme meets short-term turbulence
Shenwan Hongyuan also framed the market backdrop as a longer-running shift, saying that long-term deglobalization trends have pushed precious metals, commodities, and strategic minor metals into a “new paradigm. ” The firm added that while short-term fluctuations are likely, the non-ferrous metal sector is expected to continue its upward trajectory, with pullbacks viewed as an opportunity for annual allocation.
What’s next for silver and the non-ferrous complex
Traders will be watching whether the dollar remains above the 100 mark and whether inflationary pressures persist, both of which are central to the current stress on non-ferrous metals. Any further escalation tied to Middle East energy infrastructure or additional shifts in rate-cut expectations could keep volatility elevated, leaving silver and the broader sector sensitive to fast-changing macro and geopolitical signals.
