Today (June 16), the non-ferrous metals sector continued its upward trajectory. The on-market price of the largest ETF tracking the underlying index, the HuaBao Non-ferrous Metals ETF (159876), touched an intraday high of 0.47% and is currently up 0.19%, aiming for its sixth consecutive daily gain!
Is a right-side signal emerging from the low-level climb? Data shows the HuaBao Non-ferrous Metals ETF (159876) has accumulated net inflows of 51.99 million yuan over the past five trading days.
Among its constituent stocks, four companies hit the daily limit-up: GRIREM Advanced Materials Co., Ltd., Shenghe Resources Holding Co.,Ltd., Xiamen Tungsten Co., Ltd., and Huayu Mining Co., Ltd.. Rare earth leaders notably led the gains, with China Rare Earth Resources and Technology Co., Ltd. surging over 8%, China Rare Earth Group Limited rising more than 5%, followed by stocks like China Northern Rare Earth (Group) High-Tech Co., Ltd. and China National Uranium Co., Ltd..
On the news front, the "Regulations for the Implementation of the Mineral Resources Law" officially took effect on June 15th, listing 36 minerals including gold, molybdenum, rare earths, cobalt, lithium, gallium, germanium, and tungsten in the strategic mineral catalog. The implementation of these regulations strengthens the control over strategic mineral resources, with market expectations that the supply of key minerals like rare earths will face stricter constraints.
Guojin Securities expressed a comprehensive bullish outlook on AI-empowered tin, rare earths, tungsten, and molybdenum. Among these, dysprosium oxide (heavy rare earth) may benefit from the pull of MLCC demand, showing a significant trend of price recovery from the bottom. From the beginning of the year to now, the price center has been continuously rising, which may be highly correlated with supply-side documents issued in 2024-2025, indicating ongoing supply-side reform in the industry. Exports for the full year 2025 were down 1% year-on-year, while exports from the beginning of 2026 have increased significantly, suggesting that overseas demand for inventory replenishment remains substantial. The rare earth sector is expected to continue evolving with both valuation and earnings rising, with 2026 also being a crucial year for resolving intra-industry competition among key targets.
In the first half of 2026, a group of so-called "industrial monosodium glutamate" minor metals have seen extremely high activity. Gallium, germanium, antimony, tungsten, tin, tantalum, and indium—almost every variety is experiencing price increases, though the drivers differ: some rely on export control pricing, some on unexpected supply contractions, and some on downstream demand pull. Among these, the metals most closely tied to AI computing power are tin, tantalum, and indium. Over the past six months, tantalum ingot prices have surged 158%, indium prices have risen about 60%, and tin prices have increased over 40%.
Dongguan Securities pointed out that the supply-demand dynamics for rare metals continue to optimize. Varieties like tungsten, molybdenum, and germanium are driven by the dual engines of new energy and AI. On the supply side, quota contractions, environmental production limits, and limited overseas increments are leading to tight supply. On the demand side, clear growth in sectors like photovoltaics, high-end special steel, and semiconductors is expected to support a continued upward shift in price centers.
Non-Ferrous Metals Sector Momentum Arrives, "Super Cycle" Appears Unstoppable
The HuaBao Non-ferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers industries including copper, aluminum, gold, rare earths, and lithium. This full-category coverage enables better capture of the sector's beta trends. Simultaneously, this ETF is a margin trading and securities lending target, serving as an efficient tool for a one-click allocation to the non-ferrous metals sector.
As of the end of May, the latest size of the HuaBao Non-ferrous Metals ETF (159876) exceeded 15 billion yuan, making it the largest ETF among the three products in the entire market tracking the same underlying index.
Note: The previous on-market abbreviation for the HuaBao Non-ferrous Metals ETF (159876) was Non-ferrous Metals Leaders ETF.
Risk Disclosure: The HuaBao Non-ferrous Metals ETF (159876) passively tracks the CSI Non-ferrous Metals Index. The base date for this index is December 31, 2013, and it was published on July 13, 2015. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its back-tested historical performance does not indicate future index performance. The index constituent stocks mentioned herein are for display purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings information or trading动向 of any fund managed by the fund manager. The fund manager assesses the risk rating of this fund as R3-Medium Risk, suitable for Balanced (C3) and above investors. Please refer to the sales institution for the suitability matching opinion. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any form to the reader, nor shall they be liable for any direct or indirect losses arising from the use of the content herein. Fund investment carries risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment should be approached with caution.
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