Materials(IN40288.SH)

The main contract for Shanghai Copper on the Shanghai Futures Exchange broke through 110,000 yuan/ton, with an intraday increase of 8%, setting a new historical high

The short selling in the Hong Kong stock market for half a day was HKD 18.44 billion, accounting for 13.1% of the total turnover of shortable stocks

The short selling amount in the Hong Kong stock market reached HKD 18.44 billion in the half-day session, accounting for 13.1% of the total shortable stock turnover of HKD 140.67 billion. The previous day was 16.4%. The main shorted stocks include TRACKER FUND with a short selling ratio of 13.5% and a short selling amount of HKD 720 million; Zijin Mining with a short selling ratio of 20.3% and a short selling amount of HKD 680 million; HSCEI ETF with a short selling ratio of 12.3% and a short selling amount of HKD 670 million; Xiaomi Corporation - W with a short selling ratio of 15.2% and a short selling amount of HKD 650 million; and PING AN with a short selling ratio of 26% and a short selling amount of HKD 580 million

EMEA Morning Briefing: Gold Extends Rally

European stock futures are set to open higher as investors focus on corporate earnings, particularly in the tech sector. The euro's strength against the dollar is linked to inflows into European equities, despite potential earnings impacts on domestic companies. Low-risk bonds with intermediate maturities are favored, while gold and silver prices hit record highs amid geopolitical uncertainty. Oil prices are rising due to tensions with Iran, and analysts expect volatility in copper and iron ore prices as markets adjust ahead of the Lunar New Year holiday.

Tungsten rises to record highs as export curbs turn up supply heat

Tungsten prices have surged to record highs in January due to reduced inventory, Chinese export controls, and strong industrial demand. Prices for ammonium paratungstate reached $1,125 to $1,150 per metric ton in China, with Rotterdam prices around $1,100. China's export volume has dropped by 40% year-on-year following new controls, leading to supply shortages. The country, which dominates tungsten production, has cut its mining quota by 6.5% for 2025. Analysts expect prices to continue rising as demand from sectors like defense and aerospace remains high.

Dollar beaten down again after a brief respite yesterday

The dollar continues to decline, pressured by incoherent trade policies, geopolitical uncertainties, and concerns over Federal Reserve independence. Following President Trump's comments on the dollar's strength, the EUR/USD pair has risen 0.3% to 1.1990, while USD/CHF has dropped 0.4% to 0.7650. Precious metals are experiencing significant gains, with gold up 2.5% to $5,555 and silver surpassing $118. The dollar's deteriorating sentiment remains a key concern as these trends persist.