China Universal CSI Subdivision Non-Ferrous Metal Industry Theme ETF

Zijin Mining's Julong Copper Mine Phase II Project Brought into Production, Total Production Capacity Reaches 350,000 Tons Per Day

UOB Kay Hian Raises Target Price for Ganfeng Lithium to HKD90

Ganfeng Global Energy Technology Co., Ltd. Established

Goldman Sachs Raises Year-End Gold Price Target to $5,400

Huatai Securities Views Favorably Zijin Mining's Earnings Forecast and Future Output Guidance

Uptick in rating for GFL Lithium A-shares to Buy by UOB Kay Hian

JPMorgan Increases Long Position in Ganfeng Lithium

Lithium Carbonate Main Contract Rises 7% Intra-day

Kingstone Mining's 2025 Preliminary Results Meet Expectations, 2026 Copper Production Growth Expected

LuoYang Molybdenum plans to issue 1.2 billion US dollars zero-coupon convertible bonds due in 2027

Schroders PLC reduced holdings in Shandong Gold

China Aluminum Communicates with Government on Supporting Rio Tinto and Glencore Merger

BOC International Predicts Gold Price Surge and Recommends Chinese Gold Producers

Hong Kong Stock Analyst Recommends Buying Shun Tak and Luoyang Mining

LuoYang Molybdenum Plans to Provide 3.3 Billion Yuan Guarantees to Subsidiaries for Stable Sustainable Development

CICC upgrades China Aluminum A-shares rating

Citi Raises HSI Target to 30,000 and Adjusts Ratings for Hong Kong Stocks

Lithium Carbonate Futures Price Plunges

Zijin Mining's Stock Price Hits a New Historical High

LiuYongMoYe Plans to Purchase Up to RMB 20 Billion in Wealth Management Products

159871

159881

CPER

COPX

159880

512400

600362

COPP

Trump stated that the U.S. is mobilizing heavy troops towards Iran, with many vessels heading in that direction, which is seen as a driver for metals to rise on Friday. The "fear of missing out" (FOMO) mentality also boosted silver and gold prices. Additionally, silver received support from industrial demand and Chinese buying, while gold became a hedge against Trump's uncertainty. The disruption in supply from the Mantoverde copper-gold mine in Chile and the weakening dollar both contributed to the rebound in London copper

- On January 23, the global metal market experienced a significant surge, with silver and gold prices hitting historical highs.  
- This rise was driven by various factors, including a weaker dollar, geopolitical tensions, and growing investment in emerging markets.  
- Analysts predict continued bullish trends for precious metals, with estimates for gold reaching $5,000 by late 2026 and silver potentially hitting $100 in the near term.

Wallstreetcn

Pro Ultr Silver

Newmont

Sprott Junior Copper Miners ETF

Zijin Mining

Invesco DB TR Base Metals ETF

ZIJIN MINING

Kinross Gold

Yinhua CSI Non-ferrous Metal ETF

Global X Silver Miner

ChinaAMC Gold ETF

Guotai CSI Non-ferrous Metal ETF

iShares MSCI Global Silver Miners

iShares MSCI Global Gold Miners

GLOBAL X Gold Explorers

United States Copper Index

Invesco Db Precious Metals ETF

Abrdn Silver ETF Trust

Global X Copper Miners

iShares Gold Trust

SPDR S&P Mtls & Mng

Penghua Guozheng Non-ferrous Metal Industry ETF

Us Gbl GLD & Met

China Southern CSI SWS Non-Ferrous Metal ETF

SPDR Gold Shares

JCCL

SPDR GOLD TRT

Spdr Material

Abrdn Precious Metals Basket ETF Trust

GF CSI Rare Metals Theme ETF

Freeport Mcmoran

Sprott Active Gold & Silver Miners ETF

Sprott Copper Miners ETF

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

ERO Copper

ZIJIN GOLD INTL

VanEck Gold Miners ETF

iShares Silver Tr

Sprott Silver Mnrs & Physical Silver ETF

Metal frenzy reaches a climax! Silver breaks 100 for the first time, gold approaches 5,000 USD, and London copper rises above 13,000

000960

000426

The Shanghai tin night market's increase has expanded to over 7%, and LME tin futures rose by 8.00%

Yunnan Tin

XINGYE SILVER&TIN

The Shanghai tin night market's increase expanded to 6.00%, and London tin also rose by 6.00%

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The night session of futures opened, with Shanghai tin and Shanghai silver rising over 4%, Shanghai nickel rising over 3%, international copper, fuel oil, and Shanghai copper rising over 2%, and low-sulfur fuel oil, methanol, crude oil, and Shanghai aluminum rising over 1%; cotton and caustic soda, among others, fell

Hwabao WP CSI Non-ferrous Metal ETF

159693

159980

562800

The Shanghai Futures Exchange announced that it plans to revise the "Nickel Futures Business Rules" and is seeking public opinions

Huatai-PB CSI Non-Ferrous Metal Kuangye Theme ETF

Dacheng Non-Ferrous Metal Futures ETF

Harvest CSI Rare Metals Theme ETF

The Shanghai Futures Exchange issued a public consultation announcement regarding the revision of the "Shanghai Futures Exchange Nickel Futures Business Rules."

The Shanghai Futures Exchange announced that starting from January 27, 2026, it will adjust the price limit and trading margin ratios for nickel, alumina, lead, zinc, and stainless steel futures. The price limit for nickel futures will be adjusted to 10%, with a margin of 11% for hedged positions and 12% for general positions; the price limit for alumina and lead, zinc futures will be adjusted to 8%, with a margin of 9% for hedged positions and 10% for general positions; the price limit for stainless steel futures will be adjusted to 6%, with a margin of 7% for hedged positions and 8% for general positions

Shanghai Futures Exchange: Adjust the price limit and trading margin ratio for nickel and other futures contracts

The precious metals concept has repeatedly strengthened, with Baiyin Nonferrous achieving a 4-day limit up, and Yuguang Gold&Lead, China Gold, SC GOLD, SDR, and XINGYE SILVER&TIN among the top gainers. The photovoltaic concept has exploded across the board, with the space photovoltaic sector leading the rise. Drinda has achieved a 2-day limit up, and GCLSI, JINCHEN MACHINERY, MYSE, TOPRAYSOLAR, and many other stocks have hit the limit up, while Longbridge, Maxwell, and Risen Energy have risen over 10%

- International gold and silver prices reached new highs, with gold nearing $5,000 and silver surpassing $99.  
- On January 23, the A-share market saw collective gains, driven by strong performances in the photovoltaic and precious metals sectors, alongside positive movements in biotechnology and media.  
- The Hong Kong market also trended upwards, with notable stocks like Alibaba rising over 3%, amid strengthened commodity markets including a significant rebound in platinum and silver prices.

China Universal CSI Photovoltaic Industry ETF

JINCHEN MACHINERY

Penghua SSE STAR New Energy ETF

Penghua CSI Photovoltaic Industry ETF

Yuguang Gold&Lead

China Gold

TOPRAYSOLAR

China Southern CSI New Energy ETF

Drinda

GCLSI

Maxwell

Baiyin Nonferrous

DRINDA

Risen Energy

Yinhua CSI Photovoltaic Industry ETF

MYSE

AXA SPDB CSI Photovoltaic Industry ETF

Huatai-PB CSI Photovoltaic Industry ETF

SC GOLD

Tianhong CSI Photovoltaic Industry ETF

AH shares fluctuated higher, the photovoltaic sector surged, triggering a wave of limit-up stocks, precious metals rose sharply again, Alibaba increased by over 3%, and metal futures rallied across the board

TECK

SCCO

ICOP

Morgan Stanley believes that copper prices are supported by expectations of interest rate cuts and an extreme supply shortage (with a projected deficit of 600,000 tons in 2026), placing them on a long-term bullish track. However, in the short term, U.S. import momentum has weakened due to adjustments in tariff expectations, coupled with a demand vacuum period before the Chinese New Year and seasonal inventory accumulation, leading to micro-adjustment pressures in the market. Although supply constraints are helping to establish a price floor, short-term volatility risks still exist

- Copper prices are facing short-term pressure due to reduced U.S. import momentum and a demand vacuum ahead of China's Lunar New Year, despite macroeconomic support.  
- Morgan Stanley's report indicates that narrowed COMEX-LME price spreads are reversing copper flows and may limit future imports, especially as 2026 projections show only a 0.2% growth in copper mine supply against a strong demand increase of 1.8%.  
- The tight supply situation, exacerbated by mine disruptions, is expected to lead to a market deficit of around 600,000 tons in 2026, sustaining price support despite anticipated short-term fluctuations.

Teck Resources B

ISHRS MSCI Glb Slct Met & Mining

Southern Copper

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

Hudbay Minerals

Guotai CSI Non-Ferrous Metal Kuangye Theme ETF

iShares Copper and Metals Mining ETF

Is weak U.S. imports and a data vacuum from China's Spring Festival a short-term headwind for copper prices?

In the commodity futures market closing, BR rubber and ethylene glycol main contracts hit the limit up, platinum rose over 10%, Shanghai silver rose over 8%, lithium carbonate rose over 7%, Shanghai tin, bottle flakes, and PTA rose over 4%, while Shanghai nickel and palladium rose nearly 4%

MQBKY

Yuan Zhenhua, a former crude oil trader at Macquarie, has joined Four Bung Industries Limited as the general manager of its Singapore branch. Four Bung, established in 2018 in Zhejiang, China, focuses on trading energy, chemicals, non-ferrous metals, and agricultural products. Yuan, also known as Eric, has a background with Morgan Stanley and Castleton Commodities International, and he worked at Macquarie for nearly six years until last October.

Reuters

Morgan Stanley

Macquarie Group

Ex-Macquarie crude oil trader Yuan Zhenhua joins Chinese firm in Singapore

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BABA

The Hong Kong stock market rose in the morning session, with the Hang Seng Index up 88 points, reporting at 26,718 points. Alibaba supports its subsidiary chip company to go public, with its stock price rising by 2.6%. POP MART's stock price surged over 6% due to the release of Valentine's Day limited edition products. Xiaomi announced a share repurchase plan of 2.5 billion yuan, with its stock price rising by 2.5%. The total trading volume of the market for the half-day reached 127.938 billion yuan

AASTOCKS

XIAOMI-W

POP MART

Alibaba

"Hong Kong Stocks" The Hang Seng Index rose 88 points in the half-day, with Alibaba and Xiaomi gaining, and POP MART rising over 6%

Copper prices rose on Friday due to supply concerns after a strike halted production at Capstone Copper's Mantoverde mine in Chile. The Shanghai Futures Exchange copper increased by 0.32% to 101,020 yuan, while the London Metal Exchange benchmark rose 1.01% to $12,884.50. The strike followed failed collective bargaining, impacting expected production. Additionally, Freeport-McMoRan anticipates resuming 85% of its Grasberg mine output. A weaker U.S. dollar also supported metal prices, alongside gains in tin and nickel amid industry uncertainties.

Copper climbs after strike shuts Chilean mine

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Zhongji Innolight became the top holding stock of active equity funds in the fourth quarter of 2025, surpassing CATL and Tencent Holdings. Public funds are concentrating their investments in core sectors such as electronics and power equipment, with over 600 new individual stocks added, showing a scale characteristic in both increases and decreases. Electronics, pharmaceuticals and biotechnology, and machinery are the industries with the highest concentration of fund holdings

CATL

Zhongji Innolight

Zhongji Innolight tops the list of the largest holdings in public offerings! AI hardware becomes the focus!

Shanghai tin night trading rose by 1.7%, while other metals showed mixed performance: international copper fell by 0.56%, Shanghai copper fell by 0.43%, Shanghai aluminum rose by 0.21%, Shanghai zinc rose by 0.74%, Shanghai lead remained flat, and Shanghai nickel rose by 0.28%. Alumina rose by 1.15%, aluminum alloy rose by 0.26%, and stainless steel fell by 0.75%

Century Aluminum

Alcoa

NANSHAN ALUMINIUM

Huafon Aluminium

Mtalco

CHALCO

Shanghai tin night session closed up 1.7%

This round of commodity market trends is different from the previous four bull markets, with a divergence between energy and non-ferrous metal trends. Changcheng Securities' research report points out that the performance of non-ferrous metal stocks is influenced by the A-share market environment, with industrial metal stocks showing greater upward elasticity than commodity prices during bull markets, while precious metal stocks are highly correlated with commodity prices. The report reviews the commodity bull markets since 2004, emphasizing the synchronous relationship between commodity prices and PPI, and that industrial metals are more deeply affected by the A-shares

How to project the non-ferrous commodity cycle onto A-shares?

China Universal CSI Subdivision Non-Ferrous Metal Industry Theme ETF(159652.SZ)

Metal frenzy reaches a climax! Silver breaks 100 for the first time, gold approaches 5,000 USD, and London copper rises above 13,000

The Shanghai tin night market's increase has expanded to over 7%, and LME tin futures rose by 8.00%

The Shanghai tin night market's increase expanded to 6.00%, and London tin also rose by 6.00%

The Shanghai Futures Exchange issued a public consultation announcement regarding the revision of the "Shanghai Futures Exchange Nickel Futures Business Rules."