Today (December 25), the market consolidated with the nonferrous metals sector leading the decline. ChinaAMC Nonferrous Metals ETF (159876), tracking the largest benchmark index in the sector, saw its intraday price drop nearly 2%. However, investors seized the dip, resulting in a net inflow of 14.4 million shares. Yesterday, the ETF also attracted 98.1 million yuan in capital.
Among constituent stocks, Chujiang New Materials led gains with over 3%, followed by CISRI New Materials (up over 2%) and BAOTI Group (up over 1%). Western Superconducting, Yunnan Chihong Zinc & Germanium, Lizhong Group, and GRINM Advanced Materials also edged higher. Conversely, Guocheng Mining and Baiyin Nonferrous Metals fell over 5%, while Shengtai Lithium, Zhongfu Industrial, and Hunan Silver dropped more than 3%, dragging down the index.
Market drivers include gold and copper prices hitting record highs. On December 24, London spot gold surpassed $4,500/oz for the first time in history, with year-to-date gains exceeding 70%. LME copper reached an all-time high of $12,133/ton, up over 38% this year—potentially its strongest annual performance since 2009.
CSC Financial notes that amid heightened global macroeconomic volatility and escalating geopolitical tensions in Q4, nonferrous metals have emerged as core long-term assets due to supply-demand rigidity, policy tailwinds, and safe-haven appeal.
Industry experts highlight multiple catalysts: a global capital expenditure cycle, manufacturing recovery, reinforced monetary attributes, and improved domestic macro expectations. The sector's momentum and sustainability may far surpass market projections.
Looking ahead, institutions broadly anticipate continued bullishness: Zhongtai Securities forecasts a comprehensive nonferrous bull market, CSC Financial sees further upside, and CITIC Securities expects sustained commodity investment enthusiasm.
[Cyclical Boom Arrives: "Nonferrous Bull" May Persist] Given divergent drivers across metals, sector rotation is inevitable. For diversified exposure to the sector's beta, ChinaAMC Nonferrous Metals ETF (159876) and its feeder funds (Class A: 017140; Class C: 017141) offer comprehensive coverage of copper, aluminum, gold, rare earths, and lithium—providing risk dispersion versus single-metal bets.
Risk Disclosure: The ETF tracks the CSI Nonferrous Metals Index (base date: Dec 31, 2013; launch: Jul 13, 2015). Past annual returns: +35.84% (2020), +35.89% (2021), -19.22% (2022), -10.43% (2023), +2.96% (2024). Index composition adjusts per rules; historical performance doesn’t guarantee future results. Constituent stocks shown are illustrative, not investment advice or indicative of fund holdings. The fund carries R3-medium risk, suitable for balanced (C3) or higher risk-profile investors. Investment decisions based on this information are solely at investors' discretion. No liability is assumed for direct/indirect losses from using this content. Past performance doesn’t predict future returns.
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